Obama Budget Framework Passage Update..Cap and Trade Delayed..Sebelius Vote Cancelled….Market Update: FASB sends averages higher..Go Gadget Go!

Update from WSJ  on Obama Budget Framework passage in Senate /House:

Here is the money quote on the Senate Amendment on FED loans, it does not have the force of law but it certainly puts the kaibosh on feeling the war on capital is over IMO….the HUGE IRONY is it is our only socialist, Bernie Sanders of VT demanding they NAME NAMES, BWAAAAHAAA!!! Through the Looking Glass baby!

One amendment approved by the Senate would require the Federal Reserve to disclose the companies that have benefited from Fed programs aimed at reviving the banking system. “We need to name names,” said Sen. Bernie Sanders, a Vermont independent and chief sponsor of the measure.

Looks as though cap and trade was thankfully saddled with a nonbinding provision to not go through reconciliation so we will have warning next time it rears its ugly carbon  hating head….

they removed the TARP funds so Team Obama will have to come back for more later, good luck with that after the WE HATE BANKERS campaign…

And healthcare is still being debated..the scary thing there IMO is they are, like the stimulus,  leaving it seemingly blank open to discussion, but IMO it is because they don’t want to tell us about rationing at this point b/c Americans will stop the plan before it gets off the ground once they understand the government panel on efficiency or whatever the hell they call it…we need to keep an eye on that one..

Also interesting the scheduled vote on Sebelius WAS CANCELLED in committee an unnamed GOP Senator is blocking the vote, YAY! Make a call to a Senatorial critter near you, no more tax evaders making policy and telling us to sacrifice, it isn’t THAT much to ask for is it?

Contact your Senator here

(more…)

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April 2, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Uncategorized, Wall St. Comments off.

FASB Eases Fair Value Rules – Bloomberg

Bloomberg:

From Norwalk, CT: Interview with Patrick Finnegan of CFA Insititute (Bloomberg News)

April 2, 2009. Tags: , , , , , , , , , , , , . Politics. Comments off.

Update: FASB modifies Mark to Market…

UPDATE: 9:33AM est: On the wires now here

The changes will allow the assets to be valued at what they would go for in an “orderly” sale, as opposed to a forced or distressed sale. The new guidelines will apply to the second quarter that began this month.

In a twist, though, the expanded leeway for financial institutions could undercut the government’s new financial rescue program in which it is joining with private investors to buy up about $500 billion in toxic assets from banks, some experts say.

The mark-to-market rules have forced banks to take steep write-downs on some assets, especially securities tied to high-risk subprime mortgages.

An estimated $2 trillion in soured assets is gumming up banks’ books. As the financial crisis has ground on, more banks have foundered and failed. That’s prompted the industry and lawmakers of both parties to push for the accounting relief and flexibility.

But some fear that companies will use the leeway to boost the value of the assets on their books to “unrealistic levels,” Robert Willens, an expert on tax and accounting issues for Wall Street clients, told The Associated Press last week.

We’re back!! Check out FASB news on the first vote on changes..

Breaking on CNBC right now,

FASB removes presumption that assets in inactive market are automatically distressed’

FASB: New mark to market guidance should be prospective not retroactive: new guidance effective for 2009 Second Quarter; Q1 application permitted

(this will help financials use cash flow instead of last price to mark assets in frozen markets, more votes from FASB coming forthwith!)

PS Were I Jamie Dimon, I would remark with these rules and I would NOT sell into the Geithner PPIP plan, I would wait for my assets to come back, which is what the banks have been doing already, sort of counter productive in some ways we shall see..

Financials  SOARING on the news, brushing off a bad weekly jobless claims number..

DJ futures up 118 and financials across the board higher…

April 2, 2009. Tags: , , , . Economy, Finance, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

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