Monica Conyers, some of her greatest hits…

What a piece of work, ugh.

Courtesy of DetNewsVideo

Background on Detroit’s woes with this CORRUPT and pitiful excuse for leadership below, she has now been forced to resign as she pled guilty to corruption and bribery and by law must step down:

June 30, 2009. Tags: , , , , , . Politics. Comments off.

GM: The Song Remains the Same…

Meanwhile back at the ranch, GM is in danger of bankruptcy still and looking for another bridge loan up at the WH, I would say they were lookin for love in all the wrong places, ask Canada, less strings….

We need a heavy manufacturing base in this country, but I doubt Pelosi, Waxman and Team Obama will give us what we need….

I am positive I heard Rick Wagoner humming Zeppelin..Oh will you excuse me  I’m just trying to find the bridge… Has anybody seen the bridge?

(The Crunge is not on youtube so how about Over the Hills….)

CNBC:

General Motors on Thursday said its auditors had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.

The “going concern” warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process.

The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by President Obama that it can be made viable with a new round of government help.

Are you ready for your Homermobile designed by Waxman and Pelosi?

thehomer



March 5, 2009. Tags: , , , , , , , , , , , , . Big 3, Economy, Music, Obama Administration, Politics, Popular Culture, Uncategorized. 1 comment.

Congress Critters at Work: Senate Stimulus Amendments….Hollywood Money is Stripped…

capitolhillnight1

MM monitoring the Senate Amendment votes on their stimulus plan..

Here are two of interest:

The ‘Hollywood Stimulus’ Funding Stripped:

The vote just wrapped up on GOP Sen. Tom Coburn’s amendment striking $246 million in special tax breaks for the film industry.

The amendment passed 52-45.

The money Hollywood just lost:

via HA:

The Senate bill includes a tax break worth up to $246 million over 11 years for investors in bigger-budget movie projects that don’t necessarily qualify for incentives currently. The provision is backed by firms like the Walt Disney Co., and the industry trade group the Motion Picture Association of America, according to aides and lobbyists.

Broadly speaking, the Senate bill includes a one-year extension through 2009 of a provision enabling companies to write off 50 percent of the cost of equipment placed in service during that year, same as in the House Ways and Means version. But the Senate bill amends the definition of “qualified property” to include “certain motion picture film or videotape,” bringing the cost of the Senate provision to $5.32 billion, up from the House’s $5.07 billion version.

Companies that use the tax break would then forfeit the right to use the existing incentive, which allows companies to deduct 100 percent of production costs up to $15 million. That provision is backed by groups such as the Directors Guild of America and is aimed at keeping smaller productions from relocating to foreign countries; it was extended as part of the $700 billion financial rescue plan in October.

The Mikulski Amendment to incentivize car purchases:

MM:

Update 4:02pm Eastern. Good to see Democrat Sen. Max Baucus opposing Mikulski’s amendment, supported by GOP Sen. Kit Bond (ugh!), based on the cost. He says it would cost $11 billion.

Update 5:02pm Eastern. Mikulski amendment passes 71-26. Tack on another $11 billion to the spendulus price tag.

Under the bill she plans to introduce in a coming lame-duck session, interest payments on car loans, and sales and excise taxes would be tax-deductible, Mikulski said. The program, which would apply to new vehicles purchased through the end of 2009, would be part of legislation designed to stimulate the economy.

…Mikulski estimated that under her proposal, buyers of a $25,000 Dodge minivan would save $1,553. The incentives would apply to loans of up to $49,500. Households with incomes above $250,000 would not be eligible.

The estimated the cost of the proposal would be between $2 billion and $3 billion, she said.

I will buy a car if they make it cheap enough but I am pretty sure they won’t get on their feet selling at what I consider cheap enough, but the government is the spender of last resort and I do believe we need some stimulus and this will keep dealerships in business and that is a good thing, it is better than the Hollywood money.
If Hollywood is so into the need to come together, frankly, they can afford the hit, they should NOT let it roll down to the labor on film sets. THEY should take the hit., The big shots who spend millions campaigning against the people campaigning against things…spend the money keeping people in your own industry employed as we all pull together..I don’t think any film star or studio can justify millions in taxpayer money for a film in this environment anymore than Wall St CEOs can…
Housing Amendment by GOP -(McConnell/Graham): I like it, of course I at this point I like ANY housing plan, and am by now certifiably pro HOLC :0)

I just want the govt to set a floor under it, frak private enterprise handling it, the banks got $350 Billion and didn’t modify the mortgages, let Uncle Sam make them do it then frak ’em) It HAS to be done a floor HAS to be put under these assets that are the underlying cause of the deflationary cycle..(IMO):

MM (who does NOT support the Amendment):

…”Graham is working on legislation to give all homeowners the chance to refinance their mortgages at 4 percent interest.

That would cost the government nearly $200 billion, he said, but would stabilize the housing market when combined with a larger tax credit for first-time homebuyers.”…

Update 2:39pm Eastern. Reid asked about GOP mortgage entitlement. States at press conference just now: “We’re willing to look at it.” Estimated cost, he says, is “between $300 million and $1 trillion.”

February 3, 2009. Tags: , , , , , , , , , , , , . Big 3, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics. Comments off.

Update: CNBC reports…And the Beat goes on…the beating in Housing that is….

CNBC Video Update on the prior month release, November’s prices, and December housing starts:

Courtesy of RealDealNews:

David Crowe, senior staff vice president of the National Association of Homebuilders, Mark Zandi, chief economist at Moody’s Economy.com and CNBC’s Diana Olick discussed home purchase stimulus options on CNBC yesterday, in the wake of new data about the drop in home prices and new home starts in 2008. David Crowe argues that a temporary tax credit for home purchases will help to stimulate the housing market.

Yes, housing values have dropped another 15% …shocker!!..uhm NOT…We knew this was coming..where oh where is our HOLC??..once again declines in housing values outpace expectations for a whopping 15% drop in median home price nationwide year over year…we at MiM have been clanging the alarm bell on housing since 2005…our arms are tired ..where the hexx is the action on mortgage modification and foreclosure mitigation???

when will I–I-I-I- see HOLC…..sing it Linda..

And the beat goes on… Team Obama is pushing energy today…let’s hope this team gets a housing rhythm soon…they are WAAY off target to fix this economy…the list of job losses he read off (CAT-20,000; Home Depot 8,000 etc) will NOT be helped by increasing fuel efficiency standards peeps…

here is a laugh for today, cause we sure as hexx need one if Team Obama is this far off target…(and his energy legislation has daycare in it, earmark? who me earmark? I mean MiM is all for daycare but that is a frakin earmark baby)

I am sure the bankrupt auto makers are simply thrilled with this move coming now..good Gawd…I mean this is nonsensical…do this in a year, not NOW…Oh there ya go, GM announcing another few thousand layoffs in OH and MI and shutting in plants for an additional period…

housinginyourhands

the ever-brilliant MSM has decided to focus on the ‘surprise’ jump in home sales last month..completely missing the enormous JUMP in Deeds in Lieu of Foreclosure that is sweeping the nation..we call it Jingle Mail….CNBC reports:

A real estate group says sales of existing homes rose 6.5 percent from November to December, closing out the worst year for the U.S. real estate market in more than a decade…

But THIS is the real news to follow:

The median sales price plunged to $175,400, down 15.3 percent from $207,000 a year ago.

The price drop represented the largest decline since the NAR started keeping records and probably the largest since the Great Depression, Lawrence Yun, NAR chief economist told reporters.

That was the lowest price since May 2003 and the biggest year-over-year drop on records going back to 1968.

And how do homeowners FEEL about their home values? Cause ‘everybody knows’ that it is that ephemeral FEELING that leads the consumer to spend or not to spend and THAT is the question….CNBC:

The record 61 percent of homeowners saying their home price fell last year suggests the worst housing market since the Great Depression is less likely to rebound before 2010, according to the survey.

Foreclosures will continue to escalate as home equity keeps falling below outstanding mortgage balances, and homeowners will remain intent on rebuilding their savings and reserve funds, the survey said.

But what can we do? PUT A FRAKIN FLOOR IN THE HOUSING MARKETS!!! IT’S TEH HOUSING STOOPID!!

*sigh*

well, the Case-Schiller Index is out this week and should scare the hexx out of everyone so perhaps we will have Geithner in by then and he will make a move…but we are beginning to suspect that Team Obama may have plans to wait…

Here is our worry at MiM, we are concerned that perhaps Obama plans to WAIT for the announcement of TARP 2, which is already funded and which WILL at least partially go to housing..anywho we think he may plan to WAIT to make a move on TARP Deux until AFTER the stimulus plan is passed..that isn’t until the end of FEBRUARY!!!

But, he likely doesn’t want to give the GOP ammo to use on the floor during the debate on the stimulus, ie, wahh wahh we just saw another 350billion in TARP used to no avail wah wah wah…

these are the same yahoos who put NO strings on the first 359 bill which is why NONE of it went to ameliorate the housing CRISIS, yeah its a frakin crisis ‘member?

…good gawd save us from these politicians…

for anyone who missed the carnage, here is the Case-Schiller Index report from December 30, 2008, brutal, just brutal…via CNN Money, the LAST Case Schiller Index was SOOO bad everyone, MiM included, expected ACTION on housing out of the gate from PEBO…

The latest Case-Shiller numbers provide more ammunition to Washington policy makers who want to do more to fix the housing mess, according to Jaret Seiberg, an analyst with the Stanford Group, the policy research firm.

“These data just add to the tremendous pressure on the president-elect and the Democrats to stimulate housing,” he said. “That means more lucrative tax incentives and broad foreclosure prevention. All of this will likely be in the stimulus plan that Congress adopts in January.”

Nicholas Retsinas, Director of Harvard University’s Joint Center for Housing Studies, agrees. “Housing problems are at the core of our economic problems,” he said, “yet, of the government interventions made during 2008, few were focused on housing.”..

where is the housing action??

-cricket-

-cricket-

Instead Obama is today announcing he plans to allow each state to set their own emissions standards, so P.S. Gas is going back up peeps, yeah how I wish I could buy it up and store it now…WTH is all this focus on ENERGY right now while housing is falling off a frakin cliff and gas is so low?? THIS is NOT the current crisis!!  FIX THE HOUSING!!!

January 26, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 2 comments.

News Wrap: FED announces MBS purchase details..guess who got tapped as asset managers?…Delay to Son of TARP?:Congress pushes PEBO for Stimulus details…Case Shiller Housing Index: Record Declines Increase…Hank Paulson is Jordy Verrill…

If you said Golden Slacks got tapped to handle the FEDs business, DING DING DING…give that taxpayer a cigar!

Well, we all knew it was coming, Bill Gross told us exactly what was coming. We love Bill Gross, the founder of PIMCO, who yes, also got tapped. We reported Bill’s very frank assessment of what was coming from the FED after their last meeting.

CNBC has the details, Steve Liesman broke the story on CNBC Reports this evening...

07-04-02_game_of_monopoly

Steve reports the FED will be purchasing 500 billion in Mortgage Backed Securities through the end of the second quarter of 2009. That is an aggressive pace says Steve. It will accept fixed rate agency MBS, Freddie Fannie, will buy 10 15 30 yr mortgages, funded by ‘creating money’, i.e. printing it.

The asset managers are required to put up “ethical walls” to separate the part of the company doing FED operations from those trading for profit, yeah good luck with that one, HA HA HAA!!  Blackrock, Goldman Sachs, PIMCO and Wellington Management will be the asset managers purchasing the MBS …

foxinhenhouseIt had to be done, it should’ve been done with TARP One, they said that was what they would do. Finally, question now is, can the people who created the excess risk and took the profits from the loss we are all suffering at the outset, now be trusted to manage our attempts to reverse the damage with taxpayer money? Not while getting these bonuses man. Let Barney Frank and Waxman and the CBC loose at hearings but we had BETTER see some SERIOUS strings on Son of TARP as Kudlow calls it.

This action by the FED is totally at their own discretion without oversight, as is everything they do, for more on that listen to any questions asked by Ron Paul of Greenspan or Bernanke at the Humphrey Hawkins testimony before Congress. We love it when Paul takes it to the man…

But guess who may ride to the rescue and act as a sort of check on the FEDs activities? FOX NEWS!!! YES! Interestingly, Fox Business is suing under the FOIA to get access to whom this FED and Treasury money is going and what collateral the Treasury and/or FED is getting in exchange, information they have refused to release…

…Kevin Magee, Executive Vice President, FOX News commented, “The Treasury has repeatedly ignored our requests for information on how the government is allocating money to these troubled institutions. In a critical time like this amidst mounting corruptions and an economic crisis, we as a news organization feel it’s more important than ever to hold the government accountable.”

Steven Mintz, Esq. of Mintz & Gold LLP, and legal counsel for the network added, “Despite the several requests for expedited information filed by FBN, it has become apparent that the Treasury will not cooperate without mounting legal pressure. Therefore, we have filed a complaint in the Federal Court in New York and ask the Court to make the Treasury provide the information sought by the journalists at FBN.”…

So to wrap, the FED is printing 500 million to try and get mortgages under control, something Paulson promised to do with the 350 billion he gave the banks. And ps, the Foxes are now officially guarding the Henhouse and actually collecting commission to do so, while getting access to basically controlling the debt markets with this power. Nice deal if you can get it eh?

I hear rumblings tonight that Congress may not open the ‘Son of TARP Stimulus’ for debate until late January now. I hope this does not mean they plan to wait LONGER on housing to see how this FED action goes. For Gawd’s sake ITS TEH HOUSING STOOPID!! Almost immediately we have a new spin on that report via WSJ which seems to have Congressional DEMS implying PEBO has failed to deliver on needed stimulus plans…

“The weak economy demands quick action, and that is our intention,” House Majority Leader Steny Hoyer (D., Md.) said in an interview Tuesday. “But significant work remains to be done. We need to do this right and make wise investments, plus members and the public need time to review it. So the timing very well may slip.”

Rep. David Obey (D., Wis.), chairman of the House Appropriations Committee, added, “I had been hoping that the timetable would be this week” for having a proposal in hand.

But Mr. Obey said Mr. Obama’s team, which recently met with congressional committee leaders, is still determining the details of the package it wants.

-snip-

“First we’ve got to have some signals called by Obama,” Mr. Obey said. “It’s hard to negotiate with somebody if the other party hasn’t decided what they want out of the negotiations.”

(more…)

December 30, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, CITI, citigroup, Economy, Entertainment, Fantasy, FDIC, Film, Finance, Foreclosures, Horror, Housing, Labor Department, Obama Administration, Politics, Popular Culture, Sci Fi, TARP, Unemployment Statistics, Wall St. Comments off.

GMAC gets 5 billion in TARP aid…

Ladies and Gentlemen, start your car-buying engines….A few days after receiving the newly coveted ‘bank-holding’ status from the FED, GMAC has now been approved for an additional 5 billion in aid via the TARP as well as an additional 1 billion directly to GM…

Via Politico:

Stepping into deeper waters to help the auto industry, Treasury Monday night added $6 billion to the $17.4 billion bailout announced Dec. 19, chiefly to help the financial arm of General Motors Corp.

Using financial markets rescue funds, Treasury will purchase $5 billion in senior preferred equity from GMAC LLC, and up to $1 billion more will be lent to GM itself so the automaker can participate in a rights offering at GMAC, which has wanted to reorganize itself as a bank holding company.

GMAC won approval from the Federal Reserve last week to become a bank holding company, but that was contingent on the auto and home loan provider raising at least $30 billion in capital. Treasury’s announcement would appear to move GMAC closer to that goal, and a GM spokeswoman was optimistic Monday night.

Still nada, zip, zilch for homeowners from Paulson…I would suggest anyone wanting a vehicle free of Congressional engineering standards buy now…HA!! Or take your chances on getting a Homer post Pelosi take-over….take a drive down your Miracle Mile of auto dealerships, we did yesterday and three of 10 are now empty lots,  including Jaguar…

thehomer

Breakdown on the stake taken by Treasury via CNN Money:

Under the agreement announced Monday to buy the senior preferred equity, GMAC must be in compliance with parts of the law Congress passed to bail out Wall Street.

GMAC will issue warrants to Treasury in the form of additional preferred equity in an amount equal to 5% of the preferred stock purchase that will pay a 9% dividend if exercised.

-snip-

The loan of up to $1 billion will be exchangeable at any time, at Treasury’s option, into the GMAC equity interests being acquired by GM in the rights offering. The loan will be secured and will have other terms and conditions. The ultimate level of funding under this facility will be dependent upon the level of current investor participation in the rights offering at GMAC.

December 29, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Economy, Labor Department, TARP, Unemployment Statistics, Wall St. 3 comments.

Update: Big 3 loan reached…Dubyah to speak LIVE 9:00am EST….

Video of Dubyah announcement now up here

Update 3: 10:19am EST: Breakdown coming out on Big 3 loans:  GM to receive 4 billion on  12/29, another 5.45 b on 1/16/09…Chrysler to receive up to 4 b on Dec 29th (don’t get me started they should’ve gotten nada, they are privately owned by Cerberus who refused to put up any more cash..at least Kokomo will have work, they better reopen those plants..)..Ford had said they were okay pending no further market deterioration in sales…

GM to hold presser in 44 mins, CNBC to cover it LIVE

UPDATE 2: 10:03am EST:  CNBC reports that an additional 4 billion in loans is expected to come from TARP tranche Deux in February, contingent upon 2nd tranche approval by Congress…so total is 13.4 billion immediately, additional 4 billion from TARP part Deux under PEBO (which will give PEBO the opening to change the requirements :0))

UPDATE: 8:52am EST: The loan is a done deal. 13.4 Billion from TARP…

  • Govt will have power to block large transactions,
  • govt gets warrants ahead of all stakeholders
  • new agreements with stakeholders, dealers, suppliers required by March 31st
  • work rules and wages must be competitive by December 31, 2009…
  • positive net present value by March 31, 2009, must reduce debt by 2/3

This can be modified by PEBO when he gets in…..

(more…)

December 19, 2008. Tags: , , , , , , , , , , , , , , , . Big 3, Economy, Entertainment, Fantasy, Film, Foreclosures, Housing, Labor Department, Popular Culture, TARP, Unemployment Statistics, Wall St. 1 comment.

Market Wrap Up: Dow closes down 200+…Big 3 loan stalled at WH…

As the closing bell rings the DOW is down 222 to 8603; NAS down 27 to 1552 and S&P down 19 to 885.

wall-street21

The NAS was down all say on downgrade of chip makers and Intel in particular got hammered when their price target was downgraded below $12..

DOW turned down after Standard & Poor’s decided to re-affirm GEs AAA rating, but simultaneously downgraded their credit outlook from stable to negative…Ironically, S&P rang the closing bell on the Nasdaq today…

…Sprinzen’s report reaffirmed GE’s present rating, but pointed to earnings pressure and the need for funding at GE Capital that forced management to revise its earnings guidance. S&P generated its own projections, Sprinzen said, and “it’s clear that this is going to be a pretty severe credit cycle.”..

You know what Franck Eggelhoffer would say don;t you? ‘Party pooper Standard and Pooor’s’…where were these jokers since 2003??

(more…)

December 18, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Housing, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Next Page »

%d bloggers like this: