The only likeable person on Obama’s econ team calls it quits: Miser Bros. Summers & Geithner push out Christy Romer

Gee, now we will be forced to hear the abysmal jobs numbers spun without the cheerful manner that was part of Romer’s disposition.

The 'Smartest Folks in the Country!!' Part Deux~Obama Economic Team Vogues (November 08)

Jesse’sCafeAmericain has the round-up on the departure:

Christina Romer is a fine economist, but she frankly does not have the skillset to deal with an accomplished Tidal Basin pond snakes like Larry Summers and his sidekick Tim Geithner.

She is said to have left at her own request. It is nice to see a principled resignation once in a while. Good for her. I hope that is the case. In addition to pushing for more stimulus, I had also heard that Romer was promoting Elizabeth Warren as the head of the new Financial Consumer Protection Agency, a move that is adamantly opposed by Timmy and Larry, the Rubin twins….


Tell me Geithner and Summers aren’t dopplegangers of Heat and Snow Miser…

The Miser Brothers aka Larry Summers and Tim Geithner

I mean Geithner’s profile is pretty easily identifiable..the BEST sign of the early hagiography attempts on Team O was that idiocy proclaiming GEITHNER one of the most beautiful people…

In unrelated news the Comment of the Day found on HotAir:

Excuse me, but is there any way I can get off of “As$clown Express” Airways created by the Grand As$clown himself, BHO?

-yobobbyb on August 5, 2010 at 3:04 PM

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August 5, 2010. Tags: , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

Fannie’s turn: loses *another* $13b in Q1 asks for *another* $8.5b from Treasury, has now lost $136.8B and taken $75b in aid…

Update: here is that quote, it is courtesy of Calculated Risk:

…Greg Morcroft at MarketWatch reports:

Fannie sees no profits for the “indefinite future” … financial sustainability uncertain….

They aren’t even TRYING to make it look good anymore…one highlight in the WSJ said they do not see any chance of being profitable in the near term, pfft, Should’ve done the damn HOLC.

Bloomberg

…the mortgage-finance company operating under federal conservatorship, said it will seek $8.4 billion in aid from the U.S. Treasury Department after reporting its 11th-straight quarterly loss.

The company said it had an $11.5 billion first-quarter loss in a filing today with the Securities and Exchange Commission. Washington-based Fannie Mae had posted $136.8 billion in losses over the previous 10 quarters and taken more than $75 billion in U.S. aid since April 2009….

May 10, 2010. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Obama Administration, Politics, TARP, Wall St. Comments off.

Housing: Freddie loses *another* $6.7B in Q1, asks Treasury for another 10.6B…

unbeLIEVable.

Our previous posts on FAN FRED HAMP and the EPIC FAILURE of Team Obama to address housing here. HOLC dammit. The housing double dip is right on track.

HousingWire:

Freddie Mac reported a $6.7bn Q110 net loss, widened from $6.5bn in the previous quarter.

The Federal Housing Finance Agency (FHFA), acting as Freddie’s conservator, requested $10.6bn in aid from the Treasury Department to cover the company’s $10.5bn net worth deficit. At the end of 2009, the company had a $4.4bn net worth…

May 5, 2010. Tags: , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics. Comments off.

Housing – Obama and Treasury to add principal writedowns to HAMP program & add plan for unemployed homeowners…

The principal writedowns are 3 years too late, they will be much larger now. So will losses to taxpayers.  Here at MiM we have been following the housing collapse from the epicenter here in Phoenix, and Obama’s first pathetic sellout HAMP program ‘suggestions’ to the banks has gotten us less than 200,000 mods out of a pool of 5 million, with 50 billion earmarked while they extend and pretend and play head games with families in these homes.

The thing people still seem to be having trouble grasping is that we taxpayers are ALREADY on the hook for these defaults via FANNIE FREDDIE. So IMO it would have been far better to a, use TARP for its original purpose of buying up the bad MBS products, or b, encouraging principal writedowns a la the BofA/FDIC method of ensuring a 5 yr cash flow…

We are in the double dip of the housing recession and it will bring the economy down…again…

WSJ:

The White House will announce Friday an expansion of its foreclosure-prevention efforts to include reducing the mortgage loan balances for some distressed borrowers and giving temporary help to the unemployed, people familiar with the plans said.

In the latest overhaul of the year-old mortgage-loan modification program, these people said, the White House will announce plans to allow unemployed borrowers to receive sharply reduced payments—or a break from making any payments—for at least three months and up to six months. The revamp will also require banks to consider writing down loan balances as part of the formula for lowering monthly payments under the federal Home Affordable Modification Program, or HAMP.

In addition, the administration will introduce a program that uses the Federal Housing Administration to insure new loans for borrowers who are underwater, owing more than the current values of their homes.

Under that program, investors who reduce loan balances to 96.5% of the current property value would refinance borrowers into an FHA-backed loan. Investors would have to reduce first-lien mortgages by at least 10%. For properties that have second-lien mortgages, the program is designed to reduce the total mortgage debt to no more than 115% of the estimated property value. Banks that hold second-liens will be eligible for incentive payments if they write down those loans so borrowers can qualify….

Other Resources:
Making Home Affordable Treasury Program
e.Fannie Mae.com (servicer updates)
HUD- Department of Housing & Urban Devlopment
Fannie Mae mortgage customers call Fannie Mae at  1-800-7FANNIE

( 1-800-732-6643         1-800-732-6643) or www.fanniemae.com/homeaffordable
Freddie Mac mortgage customers call Freddie Mac at  1-800-FREDDIE ( 1-800-373-3343) or www.freddiemac.com/avoidforeclosure
VA mortgage customers (thank you for your service) vall VA Financial Counselors at  1-877-827-3702 or www.homeloans.va.gov
FHA –www.fha.gov
Hope Now Alliance (Hank Paulson’s Plan)

1-888-995-4673 or www.hopenow.com

March 25, 2010. Tags: , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 2 comments.

Geithner testifies to TARP Congressional Oversight Panel…

Update: Elizabeth Warren, Chair of the TARP C.O.P., spoke about her frustrations this morning on CSPAN:

10:00 am EST hearing beginning now. THIS will be good considering Geithner wants to extend TARP. Elizabeth Warren will have LOTS to say about the abject failure of the Treasury’s Mortgage Modification Program….

CNBC live stream here

Elizabeth kicks off with TARP Treasury Mortgage mod program has not achieved SCOPE SCALE or PERMANENCE necessary to stabilize housing market.

December 10, 2009. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. Comments off.

Treasury prepares to give GMAC another 5 billion in bailouts…

Unbelievable. Who are they kidding? Who can get a loan for a new car? 14 million looking for a job. Clunkers sucked up the future sales. They are done. Roll up the sidewalks man, Detroit is closed. Yeah those auto czars did a real bang up job. Pfft. And the union & public pension bailouts are coming, believe it. This is why we HAVE to END TARP. Team TOTUS will just use it as a revolving line of credit to bailout preferred interests otherwise.

WSJ:

…GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said.

The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government’s 34% stake in the company could increase if existing shares eventually are converted into common equity.

The willingness by Treasury officials to deepen taxpayer exposure to GMAC reflects the troubled company’s importance to the revival of the auto industry. Founded in 1919, GMAC has $181 billion in assets and is a major financing provider on car purchases from General Motors Co. and Chrysler LLC. The new capital would help firm up GMAC’s balance sheet and solidify its auto-loan business….

*Wham courtesy of wakemeupb4ug0g0

October 27, 2009. Tags: , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Small Business: CIT needs a bailout and TOTUS is ready to oblige…

Another driver of GROWTH in our economy coming under control of the velvet fist (or whatever the hell some up and coming nubile historian coins it 80 years from now)….

CIT the second largest IIRC first, the largest per CNBC, lender to small and midcap businesses in the US is in danger of imminent bankruptcy.

Odd that a ginormous stimulus went through and this KEY DRIVER of the economy was left hangin’ or maybe not..

Deliberate or shortsighted, the effect is the same, CIT is coming to the Fed for aid and the FDIC is saying not our ball and Team TOTUS is the only one with a checkbook…

a new oversight panel and CZAR for the coordination of small business recovery is no doubt next on the list of TOTUS hooks into the economy…

The last time MiM followed late night negotiations on a bailout of this importance to the economy was AIG and CITI .. bodes nothing good, *having Martin Sheen type Apocolypse Now flashbacks just at the thought of it* ugh….

CNBC:

In a sign the financial crisis isn’t over, CIT Group, the No. 1 lender to small and mid-sized U.S. businesses, is scrambling to get help from the federal government.

“People are speculating that CIT is going to get government assistance,” David Chiaverini, analyst with BMO Capital Markets in New York, told Reuters. The Treasury Department and the Federal Reserve are exploring aid options for the lender, a source familiar with the matter said on Monday. A CIT spokesman did not respond to requests for comment

The government may have good reason to talk with CIT. Some analysts suspect a collapse of the company, whose 1 million clients include big names from the franchisee of Dunkin’ Donuts to retailer Dillard’s, could deal a devastating blow to the economy by cutting off financing just as businesses need it most.

The impact:

“If CIT were to go away, it would take a financing option away from our franchisees who want to buy stores or expand their networks,” said Michelle King, spokeswoman at Dunkin’ Brands, parent company of the Dunkin’ Donuts chain.

For the apparel industry, a collapse of CIT would have “near cataclysmic,” consequences for its small to mid-sized clients, said Andrew Jassin, co-founder of Jassin-O’Rourke Group an apparel consulting company.The retail and apparel industries, which also include CIT clients like Dillard’s and Bon-Ton Stores, is preparing for the critical back-to-school selling period and is in the midst of ordering merchandise for the holidays. “This could affect the lifeblood of the flow of goods to the stores,” said Vincent Arscott, senior director of Fitch Ratings.

Apparel industry insiders say it would be very difficult for rivals to absorb CIT’s clients because other lenders are already under financial strain, leaving many orphaned suppliers potentially without any access to financing.

There was some bailout money given by Dubyah, Team TOTUS has done nothing for small business but propose raising their taxes and give some chin wagging the last three days:

CIT, which got $2.3 billion in bailout cash in December, said it’s talking with regulators about receiving more government help. One possibility is including CIT in the Federal Deposit Insurance’s Temporary Liquidity Guarantee Program, the firm said.The program would let the New York-based financier, which converted into a bank holding company last year, issue government-backed bonds to raise capital at a lower cost. As of June 8, the program has backed $335.4 billion of debt.

Speaking in London, Treasury Secretary Timothy Geithner suggested help could be on the way but gave no specifics. “I am actually pretty confident in that context that we have the authority and the ability to make sensible choices,” Geithner said.

Timmeh is confident they have the authority, SHIVER ME TIMBERS! and the ability to make SENSIBLE choices, IM COMIN !!ELIZABETH! IM COMIN TO JOIN YA HONEY!!

Sanford and Son Montage and Music Created by MrMonkeyFingers

Rolling Stones courtesy of satanic5fab4

1/25 The Rolling Stones performing Under My Thumb in Tempe, Arizona, on the 13th December 1981 during their USA Tour ’81 from their “Let’s Spend The Night Together” film

July 14, 2009. Tags: , , , , , , , , , , , , . Comedy, Economy, Entertainment, FDIC, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

Market Update: DOW closes up 180…Meredith Whitney on Financials – CNBC.com

Market Closing Update:  Meredith’s call gave us an incredible boost, leading financials higher  DOW up 180 to 8327, S&P up 21 to a nifty 900 and NAS up 35 to 1791…but Meredith only applied the good news to Golden Slacks, this is a relief rally built on air, but hey smoke em if you got em, every up day is a good day…
Vodpod videos no longer available.

MiM considers Whitney and Tilson the 2 people who know WTH they are talking about on the financials and what is coming for the banks and the markets…Golden Slacks will make a bundle, again…and the vaunted stress tests did not consider the level of unemployment we are hitting and the level of toxic mortgage assets still on the books of the banks….

…(thanks in part to FASB changes that removed the impetus to sell the bad debt for what it is worth not what they want it to be worth, we are getting more foreclosures now b/c banks are not willing to take the immediate write downs of a short sale or a modification with principal writedown,

(foreclosures take longer to process and banks are SITTING on TONS of inventory, not taking reasonable offers to avoid taking writedowns!!! foreclosures can take 18 months and banks are playing for time and anecdotally, banks are rejecting FULL PRICE OFFERS from homebuyers and selling at HIGHER PRICES to INVESTORS AGAIN, recreating the entire cycle, utter morons!

TOTUS is doing some more arm twisting in a meeting on July 28th with Geithner anf Donovan of HUD and the top 25 mortgage servicers…let’s see what comes of that, methinks the idiot banks should do some more mods before Barney Frank writes new forced loans for them …)

more about “Meredith Whitney on Financials – CNBC…“, posted with vodpod

July 13, 2009. Tags: , , , , , , , , , , , , , , , , . Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

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