YGN: Twilight Eclipse Exclusive Clips and Interviews

Scoopage from Matt and Nat at YourGeekNews:

After two movies of angsty interspecies romance, Jacob and Edward are forced to join together to protect Bella from the dangers of Victoria’s vampire army and the Vulturi. Watch what Kristen, Robert, Taylor, plus new cast members Bryce and Xavier have to say about their characters in Eclipse, and what director David Slade thinks about his contribution to the Twilight Saga!

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June 27, 2010. Tags: , , , , , , , , . Celebrities, Entertainment, Fantasy, Fiction, Film, Horror, Mystery, Popular Culture, Supernatural, Suspense, Twilight, Urban Fantasy. Comments off.

Capricorn Lunar Eclipse and the Grand Conjunction

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June 26, 2010. Tags: , , , , , , , . Education, Entertainment, Faith, Popular Culture, Science, Supernatural. 1 comment.

World Cup – USA v Ghana 2:30pm EST

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June 26, 2010. Tags: , , , , , . Celebrities, Entertainment, Politics, Popular Culture, Sports. 1 comment.

Sam Raimi gives an update on his World of Warcraft flick, yes he plays WoW…

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June 26, 2010. Tags: , , , , . Celebrities, Entertainment, Fantasy, Film, gaming, graphic art, Popular Culture. 2 comments.

DBacks Edwin Jackson throws no hitter against Tampa

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June 26, 2010. Tags: , , , . Entertainment, Popular Culture, Sports. Comments off.

Housing/FinReg: $1B for Federal Bridge loans for unemployed homeowners – HEMAP

We covered the HEMAP plan and Barney Frank’s push for it. It was added  to the FinReg bill. It is absolutely the case that unemployment is driving housing defaults now and that the HAMP program does not help the unemployed, despite UE lasting for close to 99 weeks in most cases, the debt levels of those in default are just too high.

Barney Frank and Team Obama’s larger housing vision seems to be centred on a transition to Section 8 status for a majority of the foreclosures FAN FRED FHA are taking onto their books.

It began with FAN Deed4Lease program under which homeowners rent their homes back from Uncle Sam. And the Section 8 roll out is already underway and by the time we get 6 months into ’11 when Timmeh claims we will have an outline for their plan for FAN FRED FHA, it will be a fait accompli.

The problem I have with all these plans is the  g-d lenders who brought this tumbling down skate away with the taxpayers forced to eat the FAN FRED FHA losses which, don’t kid yourselves will be $1trillion easily IMO.

The $400B dollar scribble- It was DEMOCRATS who went apoplectic yesterday when the big banks called them wailing over GOP Rep Jeb Hensarling having penciled in FAN FRED as ‘financial institutions’ under the FinReg draft on banks paying to wind down big financials that fail. They FREAKED OUT at the THOUGHT of having to pay for the GIANT SMOKING CRATER THEY CREATED. And the Democrats ran to help them avoid that fate, leaving it ALL on US, the taxpayers.

It seems to be the end of the residential housing market as we jave known it. Frank is constantly stressing his affordable rental housing schtick nowadays.

If this helps some families get past the transition, it seems overall a small price to pay at $1B, the $85b in HAMP seems to have done absolutely nothing, worse than nothing the extend and pretend has been a PAINFULLY slow tearing off of the band aid, and we are only halfway through the process.But families be cautious, don’t put yourselves Back on the Chain Gang before next year, housing prices are still cratering and when Uncle Sam is done I don’t know what value the homes we are holding may be worth.

Who the hell knows. And IMAGINE what this will do to RENTAL HOUSING PRICES. Landlords will be competing with Uncle Sam setting ‘fair rental rates’ GOOD GAWD!

And that assumes we get some spending restraint and just restraint in general from the Congress and a new POTUS in ’10 and ’12. Let’s hope there is a housing market left to rehabilitate when we get there.

The shxtty part is again they added a tax to pay for this newest $1b program. Had they done HOLC but noooooo. Credit Suisse couldn’t have that! frakkers.

Why the hell not use the $$$ sitting in the HAMP TARP fund? That is how the funding was originally proposed. Frank tried also to use repaid TARP funds for this. Now it is funded by a bank tax IOW passed on to us in fees, shxt! Good Gawd Almighty what don’t they understand about no money left in the till..

WSJ:

Unemployed homeowners will be able to tap $1 billion in federal bridge loans to pay their mortgages, under a deal worked out by congressional negotiators in financial-overhaul legislation.Under the program, people who cannot make their mortgage payments because they are ill or out of work would get a stopgap loan from the government.

House members fought for $3 billion in such loans, but ultimately settled for $1 billion as negotiations ground on into Friday morning. Both chambers of Congress must now approve the deal worked out by the negotiators.

Joblessness has eclipsed risky mortgages as the biggest driver of U.S. foreclosures. Meanwhile, the rules of the Obama administration’s foreclosure-prevention effort make it difficult for the unemployed to get loan modifications under the program….

June 25, 2010. Tags: , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. 2 comments.

TGIF!! G20 Debate – Should the Government Stop Dumping Money into a Giant Hole? (Obama says no!)

With the economy sliding deeper into a recession, panelists discuss whether it’s time to stop throwing our money into a massive pit out in the desert.

The REALLY sad thing is this is Obama’s position at the G20 this weekend, -keep spending!- says Obama! he is upset with the Europeans who have decided to STOP dumping money into the giant hole…note The Onion produced this satire in November 2008 and the Keynesian argument has not changed at all, it never will..they never admit defeat just prescribe MORE spending…ENOUGH.

More than $860 billion in stimulus spending enacted last year has failed to move the nation’s jobless rate much below 10%, and polls show Americans question its effectiveness. The federal deficit reached $1.4 trillion by the end of last year, its highest level since World War II….

…Mr. Obama sent a letter this week to G-20 members urging them not to withdraw support for growth too quickly. It was rebuffed two days later by European leaders.

“Europe is determined to ensure fiscal sustainability and achieve budgetary targets without delay,” reads the letter issued Tuesday by European Council President Herman Van Rompuy and European Commission President José Manuel Barroso. “There is a need for credible medium-term fiscal policy strategies to bring down deficit and debt ratios….

HILARIOUS!: …”Obama goes there looking pretty good—except that we’ve got [in absolute terms] the largest deficit of any country around the world,” says Fariborz Ghadar, a scholar at the Center for Strategic and International Studies in Washington….

Boehner nails it: …”The president is going to have a tough time convincing the other G-20 countries that even more ‘stimulus’ spending is the answer when more Americans believe Elvis is alive than that his ‘stimulus’ created jobs,” House Republican Leader John Boehner of Ohio said Thursday….

June 25, 2010. Tags: , , , , , , , , , . Comedy, Economy, Entertainment, Finance, Obama Administration, Politics, Popular Culture, Unemployment Statistics, Wall St. Comments off.

The Old Man and the Street -modified Volcker Rule survives FinReg negotiations ~ the Good, the Bad & the Ugly…

Dems did quite a hatchet job in the wee small hours of the morning. Here are the major provisions, they have left most of the implementation to regulators, (the heretofore Eeeevil Federal Reserve gets the Consumer Protection Agency!) and there is a 5 yr window on most changes

WSJ:

(…)VOLCKER RULE: Would curb propriety trading by the largest financial firms, though banks could make de minimus investments in hedge and private-equity funds. Those investments would be limited to 3% or less of a bank’s Tier 1 capital. Banks would be prohibited from bailing out a fund in which they are invested.

Scott Brown R-MA got this 3% for the mutual funds in MA. I cannot wait to hear the JPMChase conference call on earnings in July to see what Jamie Dimon has to say about this. He thought he had killed the Volcker Rule at least twice. The Tall Man always comes back!

DERIVATIVES: Would for the first time extend comprehensive regulation to the over-the-counter derivatives market, including the trading of the products and the companies that sell them. Would require many routine derivatives to be traded on exchanges and routed through clearinghouses. Customized swaps could still be traded over-the-counter, but they would have to be reported to central repositories so regulators could get a broader picture of what’s going on in the market. Would impose new capital, margin, reporting, record-keeping and business conduct rules on firms that deal in derivatives.

So this is the big exciting deal for Chicago! A whole new trading desk to establish, a clearinghouse. (FD-We hold CME shares). Looking to see what the deal is on Warren Buffet’s Berkshire holdings-does he have to put up capital or what? He lobbied HARD against it via Ben Nelson

DERIVATIVES SPIN-OFF: Would require banks to spin off only their riskiest derivatives trading operations into affiliates, in a late-night compromise struck to scale back a controversial provision championed by Sen. Blanche Lincoln (D., Ark.). Banks would be able to retain operations for interest-rate swaps, foreign-exchange swaps, and gold and silver swaps among others. Firms would be required to push trading in agriculture, uncleared commodities, most metals, and energy swaps to their affiliates.

Okay so JPMChase’s silver position is still in the game, they called in like 15 people to surround Blanche last night pushing her to cave, impressed she got anything to go through on this frankly, the pressure was enormous.

CONSUMER AGENCY: Would create a new Consumer Financial Protection Bureau within the Federal Reserve, with rulemaking and some enforcement power over banks and non-banks that offer consumer financial products or services such as credit cards, mortgages and other loans. The new watchdog would have authority to examine and enforce regulations for all mortgage-related businesses; banks and credit unions with assets of more than $10 billion in assets; pay day lenders, check cashers and certain other non-bank financial firms. Auto dealers won a hard-fought exemption from the Bureau’s reach.

Yes Auto Dealers are exempt. Cuz used car salesmen are known far and wide as honest individuals looking out for the consumer -HA HA! And of course it is seated within the Fed.

BANK CAPITAL STANDARDS: Would set new size- and risk-based capital standards, including a prohibition on large bank holding companies treating trust-preferred securities as Tier 1 capital, a key measure of a bank’s strength. Would grandfather trust-preferred securities for banks with less than $15 billion in assets, enabling them to continue treating the securities as Tier 1 capital. Larger banks would have five years to phase-out trust-preferred securities as Tier 1 capital.

Now this provision was raised to $15b to cover one Arkansas bank for Blanche. Hey this needed to be done, Tier 1 should really be Tier 1.

Here is a twofer, they gutted the most important part IMO

MORTGAGES: Would establish new national minimum underwriting standards for home mortgages. Lenders would be required for the first time to ensure that a borrower is able to repay a home loan by verifying the borrower’s income, credit history and job status. Would ban payments to brokers for steering borrowers to high-priced loans.

Well! What a novel idea! VERIFYING INCOME, CREDIT AND EMPLOYMENT before underwriting a mortgage! Why didn’t anyone think of this sooner? Frakkin maroons.

SECURITIZATION: Banks that package loans would, broadly, be required to keep 5% of the credit risk on their balance sheets. Would direct bank regulators to exempt from the rules a class of low-risk mortgages that meet certain minimum standards. Regulators could permit alternative risk-retention arrangements for the commercial mortgage-backed securities market.

They do NOT have to retain 5% of the credit risk on ‘plain vanilla mortgages’. Listen IMO they should ABSOLUTELY HAVE TO RETAIN A MINIMAL EXPOSURE ON EVERY SINGLE MORTGAGE THEY WRITE.  Skin in the game for them as well as the home buyer. Ya dig? But noooooo…

The details are left to the regulators throughout, so the fox is guarding the henhouse again – regulatory capture baby. This TBTF issue is alive and well as we enter the second leg down in housing and UE remains elevated at 10%. Our stress tests did not foresee the continued decline in housing values coupled with extended prolonged 10% UE. These guys need more capital. Treasury wanted authority to do bail outs and it looks like they still have it.:

NEW REGULATORY AUTHORITY: Gives federal regulators new authority to seize and break up large troubled financial firms without taxpayer bailouts in cases where the firm’s collapse could destabilize the financial system. Sets up a liquidation procedure run by the FDIC. Treasury would supply funds to cover the up-front costs of winding down the failed firm, but the government would have to put a “repayment plan” in place. Regulators would recoup any losses incurred from the wind-down afterwards by assessing fees on financial firms with more than $50 billion in assets.

FINANCIAL STABILITY COUNCIL: Would establish a new, 10-member Financial Stability Oversight Council, comprising existing regulators charged with monitoring and addressing system-wide risks to the nation’s financial stability. Among its duties, the council would recommend to the Fed stricter capital, leverage and other rules for large, complex financial firms that are judged to threaten the financial system. In extreme cases, it would have the power to break up financial firms.

We wait for further drill down on details and regulatory implementation timelines. JPMChase seems to have taken the biggest hit IMO, and ha ha ha since Jamie Dimon LOOOOVED him some Obama. Maroons.

June 25, 2010. Tags: , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Housing, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

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