And down goes Frazier: DOW closes down 371

Markets tried to rally back 3 times, DOW down for the count-we need an honest ref to call the fight over and stop the global bailout blitz…

DOW closes down 377 to 10,066.80

NAS down 94 to 2204

S&P broke another level down 43 to 1071

My Mastercard purchase from last week was one of like 3 stocks that stayed positive in the S & P today, sell in May, go away baby.

Rick Santelli points out we had climbed back to down 192 when the headline crossed that FINREG passed cloture and would pass tonight, we then tanked 200 points.

ZERO confidence in the Critters.

May 20, 2010. Tags: , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Hey Bernanke, the FED hit snooze instead of putting out that ‘neighbors fire’ and now my house is burned too!

From Michelle Caruso-Cabrera:

Fed Chief Ben Bernanke used an analogy to justify President Obama’s housing plan even if it does promote “moral hazard” and reward people for poor behavior. He compared it with a neighbor whose house is on fire because he was smoking in bed.

Yes, smoking in bed is wrong, but you need to put out the fire, because if you don’t the whole neighborhood may go because the fire will spread.

I take issue with that analogy and so does a viewer, Kevin in Wilmington, Mass., who sent us this e-mail:

Problem: My neighbor was smoking in bed, his house did burn down, and half of my house was destroyed with it. The Fire Department hit the snooze button on the fire alarm several times, showed up late (house was fully engulfed and ready to collapse) and, had a squirt gun to fight the fire.

February 24, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Uncategorized. 1 comment.

Stimulus hardcopy….

From the Republican Study Committee via HA

Republican Study Committee Chairman Tom Price discusses the big-government handout that Democrats are going to push through Congress. The final version of the bill even has hand written notes that allow for more irresponsible spending.

Democrats made the bill available at 11 p.m. on Thursday night. At 9 a.m. Friday morning, the House begins debate on the bill. If members of Congress actually took the time to read the bill, they would have to read through the night at a rate of 626 words per minute before heading to the House floor. What are the odds of that happening?

February 13, 2009. Tags: , , , , , , , , , , , , . Economy, Obama Administration, Politics, Unemployment Statistics, Wall St. 2 comments.

Stimulus Update: Conference Report Now Up..

Update 2: Looks like they kept the home purchase tax break, now it appears to be for $8000.00…and the car credit is now only for sales tax…the Make Work Pay credit is down to 400.00….the AMT fix is still in…increased credits for landlords of low income housing….that is a quick review of Division B, the second half of the report, part a manyana!

Update: IT IS UP – HERE

________________________

From Politico’s Thrush:

No bill yet,  but here’s the latest press summary of the conference report from the Appropriations Committee.

By Glenn Thrush 09:48 PM

Conference Report Summary .pdf

Keep checking the website  “Bill text will be available later today at http://www.rules.house.gov

February 12, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

Bumped: Stimulus Update: Gang of Old Senators Steal Childrens’ Futures and Charge Them For It…

I am in the unenviable position of agreeing with the Mrs. Rev. Lovejoy…

Remember for a moment if you can, like we at MiM can,  growing up in the 70s: the inflation, the gas lines, the CARTER..now think of that 1 trillion times worse..now there are no jobs because government has crowded out the private sector…that is what our kids may face..can we give them a damn school that has no asbestos to learn in on the off chance they get the opportunities in life we had??

The pathetic excuses for leadership that call themselves Senators and claim to represent the children of Maine, Ohio, Nebraska and Pennsylvania have conspired with Rahm Emanuel ie the White House to cut 65 Billion out of all that money, and chose education to take the hit..

The best is the way Susan Collins R ME is PROUD of herself for cutting most of the money from the children’s only break they get in this porkwrapped tax on they and their progeny..

All to make the porkulus look better, selecting not the Money going to Chicago to build a futuristic green machine, but the money from the children who they plan to stick with the bill for their spending..they gutted the money from School Construction and School Nutrition.

That’s one less salmonella tainted peanut butter sandwich for you Oliver..

Yeah we wouldn’t want to encourage CONSTRUCTION would we? We want jobs. Uhm yeah construction IS jobs, but you know Mayor Daley and Obama want their Chicago Earmark, and we cant have anyone looking there so this is better..

Obama SOLD this as INFRASTRUCTURE with his Tale of Woe for the poor little schoolhouse with no repair since Lincolns Day, everyone remember that? Well, Team Obama wants to forget it. Don’t let them.

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February 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , . Department of Education, Economy, Entertainment, Fantasy, Film, Finance, Music, Obama Administration, Politics, Popular Culture, Sci Fi. 2 comments.

CITI tries to raise cash…PEBO to keep Kashkari on for TARP…(Congressional Critters Heads explode/snark off)

Well, this is unbelievably tone-deaf IMO. They are off their game at Camp PEBO…Congressional Dems (or GOP for that matter) cant STAND Kashkari or anything having anything to do with Paulson and the switch n bait anything but housing approach of TARP. It needs a new face, and Geithner and Summers ain’t new. Send Sheila Bair, we all love Sheila Bair :0)

From WSJ:

Timothy Geithner, President-elect Barack Obama’s pick for Treasury Secretary, has asked Neel Kashkari and James Lambright to remain with the Obama team for several weeks to assist with the transition, these people said.

The decision to keep two members of Treasury Secretary Henry Paulson’s team, even for a short period, could rile lawmakers angry over Mr. Paulson’s handling of the $700 billion bailout. The Obama administration is working to revamp the financial rescue and erase some of the stigma associated with the bailout.

Oops! no idea how that got in there, maybe b/c Prince John and Cousin Hiss remind me of Hank Paulson and Neel Kashkari…..(courtesy of Walt Disney and loubear)

Paulson and later the ever-polite, self-effacing henchman Kashkari (another Golden Slacks, I mean Goldman Sachs executive) who appeared on the Hill with absolutely no good reason why they would not implement Sheila Bair’s (of FDIC) housing plan…

Wow, really, this is in error. Just today Barney Frank was appearing on CNBC, see our video sidebar, talking about the implementation of new harsh requirements to access TARP Tranche Deux by the incoming Administration.

They were burned BAAAD in the long con by Hank and now they have to see Kashkari again? We need the damn thing to pass! Oh good gawd, anything Kashkari presents is going to be slammed down HARD by these Congress Critters and who the hell can blame them?

(more videos of Kashkari before Congress after the break)

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January 9, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Cabinet, CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Hillary Clinton, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 3 comments.

The New Stimulus: Inauguration Day…Economic Team:Melody Barnes to lead on policy…

melody-barnes-cap

UPDATE: 12:15PM EST: The President-Elect has named Melody Barnes, of the Center for American Progress, the head of his policy council (happy dance). Ms. Barnes did a column in WaPo 2 years ago reflecting upon what a truly progressive POTUS might say at a SOTU address, it is well worth a look for some insight into the future direction of our policy:

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November 24, 2008. Tags: , , , , , , , . Cabinet, Center for American Progress, citigroup, Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

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