Pelosi has Dems walk the plank: files Health Care Bill, plans vote for Saturday; while Reid in Senate has not yet prepared a merged bill…

This must be what the other animals feel like when they are watching the lemmings run off the cliff. I mean what the hexx are they doing?! Walking the plank?! Virgin suicides?! Kamikaze mission Pelosi has these House members on.

Bloomberg:

Undeterred by Republican election triumphs in Virginia and New Jersey, Democratic leaders put the U.S. House on a path to vote as early as Saturday on the most sweeping overhaul of health-care policy in four decades.

…Party leaders signaled they’re ready for the House to begin debating the legislation and vote on its final passage by filing a 42-page amendment that made last-minute changes to the bill. The filing last night triggered a 72-hour waiting period that Democrats pledged to give Republicans before a vote….

…House Rules Committee Chairman Louise Slaughter said Democratic leaders planned a vote for Saturday on the legislation. The leaders wanted a ballot before taking a recess next week.

The Senate does not even have a bill, and she is forcing her members to vote. Reminds me of cap and trade vote they did which is also dead in the Senate though Boxer is flailing about at it in empty rooms….

…The Senate is still considering its own version of the legislation, and House lawmakers said they weren’t concerned about the possible delay of a vote in that chamber until early next year. Senate Democratic Leader Harry Reid suggested yesterday that the goal of passing a bill this year may slip into the 2010 election year….

Nov 2010 will be so much fun! First the pain of suffering through the continued job loss and high taxes and strangling regulation and government intrusion under Team TOTUS and the Pelosi Reid cabal of dunces, which totally sucks, but then we will have the midterm elections and we can call the bill due.

…In the past, some House Democrats voiced reluctance to move forward until the Senate was ready to act. “That die has been cast” by Pelosi’s decision to start the debate this week, said Florida Democrat Allen Boyd, a member of the Blue Dog Coalition of self-described fiscally conservative Democrats.

“I knew in August that people were concerned about the bill,” Boyd said. “Whether my feet are cold or hot” about voting without the prospect of quick Senate action “doesn’t make a whole hell of a lot of difference,” he said.

Another Democrat, freshman Maryland Representative Frank Kratovil Jr. said he is more concerned about the cost of the $1 trillion legislation and still hasn’t decided how to vote. “The House is going to move forward,” he said. “If that were the issue, leadership wouldn’t have brought it to the floor.”….

I recommend someone get a small business loan right before the 2010 midterms and fund a moving van rental company around these fools office buildings.

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November 4, 2009. Tags: , , , , , , , , , . Economy, Healthcare, Obama Administration, Politics, Popular Culture, Taxes. Comments off.

Fed Policy, Interest Rates, Q.E. & the Dollar Debate

Great debate! Rickster and Steve goin at it. Larry tells Steve he is drinking the Fed koolaide, BWAAAHA!! I agree with Rick and Larry (not surprising since they both express concern for the ‘common man’ that’s the koolaide I drink, LOL!) Stay tuned to the very end for a GOLD forecast.

Vodpod videos no longer available.

CNBC:

Discussing whether the Fed is headed in the right direction, with Frank Holmes, U.S. Global Investors; David Goldman, First Things Blog; CNBC’s Steve Liesman & Rick Santelli.

more about “Fed Rates, Q.E. & the Dollar Debate“, posted with vodpod

November 4, 2009. Tags: , , , , , , , , , , , , , , , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

The Yankees Win the Series!!!! WOOOHOOOO!!!! World Series Game 6 Phillies @ NYY: Yankees look for the win, Phillies try to force a Game 7

yanks_doublewide042127--960x193

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11:51 pm EST: THE YANKEES WIN THE YANKEES WIN , RIVERA!!SANDMAN, THE YANKEES WIN

WOOHOOOO

27!!!!!!!!!!!!!!!!!

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November 4, 2009. Tags: , , , , , . Popular Culture, Sports. 1 comment.

Video Blogging with Nick Frost and Simon Pegg on the set of ‘Paul’ plus ScreenCrave: Interview with Nick Frost

I’m a huge fan 🙂

Simon Pegg and Nick Frost give us a more detailed look at the cast and crew of ‘Paul’.

Greg Mottola returns Simon Pegg and Nick Frost to a question from their SPACED days… Do/Can Dogs look up? Find out more at http://www.whatispaul.com

More after the break:

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November 4, 2009. Tags: , , , , , , , , . Celebrities, Comedy, Entertainment, Fantasy, Film, Horror, Popular Culture, Sci Fi, Simon Pegg, Star Trek, Supernatural, Suspense. Comments off.

Cap and Trade Update: Rep. Manzullo to Obama Climate ‘Envoy’: it will destroy American manufacturing

Vodpod videos no longer available.

Courtesy of Rep. Manzullo (R-IL):

Congressman Don Manzullo (R-Egan) today asked President Obama’s Climate Change Envoy, Todd Stern, during a Foreign Affairs Committee hearing why American manufacturers should face costly cap and trade mandates when the world’s biggest polluters — China and India — have already said they have no plans to follow suit. Manzullo is the lead Republican on the Foreign Affairs Subcommittee on Asia, the Pacific, and the Global Environment. Manzullo also co-chairs the House Manufacturing Caucus.

more about “Cap and Trade Update: Rep. Manzullo t…“, posted with vodpod

November 4, 2009. Tags: , , , , , , , , , . Economy, Obama Administration, Politics, Taxes, Unemployment Statistics. 1 comment.

Rove and Rush on the elections last night

Rush courtesy of therightscoop

DENIAL AINT JUST A RIVER IN EGYPT!!!

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November 4, 2009. Tags: , , , , , , , , . Politics. Comments off.

Meredith Whitney on the new normal & Fed exit from MBS purchases, its impact on banks, housing…

MEREDITH WHITNEY

Meredith Whitney - Photo: Bloomberg News

Update 2: Bloomberg on Whitney’s call:

The S&P 500 Financials Index slumped 1.5 percent, the most among 10 industries, after the House vote and as analyst Meredith Whitney said the biggest U.S. banks may face declining values on home-loan bonds with government backing as the Fed prepares to end its $1.25 trillion purchase program.

Bank of America Corp., JPMorgan Chase, Citigroup and Wells Fargo increased holdings of so-called agency mortgage-backed securities by 44 percent from the third quarter of 2008 to the second quarter of 2009, Whitney said in a note yesterday to investors. Those increases came as the Fed began buying securities backed by Fannie Mae, Freddie Mac and Ginnie Mae in an attempt to keep mortgage rates low and spur housing demand, she wrote.

JPMorgan fell 1.2 percent to $42.21, while Wells Fargo slid 3.1 percent to $26.82 and Citigroup lost 1.7 percent to $3.97.

Update: Ms Whitney wrote an excellent op ed in the WSJ last month outlining what we can expect in the financial sector and consumer going forward. Read it here.  ‘Main Street represents the foundation of this country. Reviving it should take priority over any regulatory reform or systemic overhaul.’

Meredith Whitney is IMO the best bank analyst on the street bar none.

She put out two notes to clients last night, ABSOLUTE MUST READS:

1) Ain’t Gonna Happen, where she argues that “normalized” earnings for banks is a fallacy, that it’s more likely we will see protracted consumer deleveraging, fewer consumers who qualify for credit, and dramatic regulatory change, which will negatively impact earnings for a protracted period, and

2) The Great Exit: The Biggest Market & Bank Risk Over the Next Four Months, a long note on the importance of the Fed’s agency MBS purchase program, where she argues that uncertainty over when the program will end (now scheduled for end of Q1 2010), and who the substitute buyer for the Fed will be, means that “prices will go down meaningfully and rates will go up meaningfully.” She argues that it is possible the mortgage market will again shrink notably: “We believe this represents one of the larger risks to the banks and overall market over the next several months.”

November 4, 2009. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Politics, Unemployment Statistics, Wall St. Comments off.

Gold alert: trading at $1091.3 an oz!! another record!

Unstoppable
gold-coins-images

November 4, 2009. Tags: , , , , , . Economy, Finance, Politics. Comments off.

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