UPDATE 2: DeMint and Rangel support UE extension…Reid confirms: Rep. McDermott (D-WA)to introduce 13 wk Unemployment extension Bill in Fall…

Update 2: Tuesday 8/11: More support for the 13 wk UE extension in the Fall session as Geithner says UE will peak in second half of 2010..

Bloomberg:

The U.S. unemployment rate may not peak until the second half of 2010, even as the broader economy shows signs of improvement, U.S. Treasury Secretary Timothy Geithner said.Another extension in unemployment benefits “is something that the administration and Congress are going to look very carefully at as we get closer to the end of this year,” Geithner said in an interview yesterday on ABC’s “This Week” program.

…Summers said the Obama administration will work with Congress to “do what’s necessary to make sure appropriate unemployment benefits are available.”

Congressman Charles Rangel, chairman of the House Ways and Means Committee, said he supports extending unemployment insurance benefits for another 13 weeks. “There’s no question, they deserve it,” he said on Fox News Sunday. “They are the true victims of this fiscal disaster.”

Senator Jim DeMint, a South Carolina Republican, said he’ll “definitely support” extending unemployment benefits….

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August 7, 2009. Tags: , , , , , , , , , , , . Finance, Foreclosures, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics. 5 comments.

Tim Geithner tells DeMint, Vitter that TARP gives Treasury an endless revolving 700B line of credit from our General Fund…

Vodpod videos no longer available.

fast forward to 7:11

CNBC did not put up Part 6 of the hearing for some reason which is where DeMint asked the initial question,but here is Vitter following up..

more about “Banking Hearing: Geithner Testimony 7…“, posted with vodpod

May 20, 2009. Tags: , , , . Finance, Obama Administration, Politics, TARP. Comments off.

UPDATE 5: Video added; Marty Feldstein comes out of TOTUS meeting and not playing ball, says consumers hurt by cap and trade, hurts economy..OMG Geithner just told DeMint that it is Treasury attys view that they have a 700B revolving line of credit in TARP legislation!!! Geithner on the Hill…again…

Update 5: Vodpod videos no longer available.

Update 4: Marty Feldstein comes out of economic advisers meeting talking to Becky Quick LIVE now CNBC

NOT playing along, says hour was spent talking about cap n trade and he raised the concerns about consumer rising prices and costs to recovering economy, Feldstein is explaining to Americans that TOTUS Team is REALLY EXCITED about cap and trade and basically telling us to CALL OUR CONGRESS CRITTERS and VOICE OUR NO VOTES and OPPOSITION to cap and trade or it is coming!!!

I love that Feldstein wont be a pawn and is giving his HONEST OPINION, It is a hidden tax he says….CALL YOUR CRITTERS JUST SAY NO TO HIGHER ENERGY COSTS IN A DAMNED RECESSION!

Call here

FYI Markets were up nicely and are turning lower as Tim says they have revolving 700B of our money to use as they see fit while TOTUS Econ Adviser Team says cap and trade is coming but they say it is green jobs !

Update 3: SHxt, now they jumped to the Council of Economic Advisers talking after meeting with TOTUS, It os GE’s Immelt talking about how we need, wait for it..GREEN JOBS,…ZOMG!! Another nail in the economys coffin….gee wonder why GE is so interested in this and healthcare, evil bastids…

Update 2: Vittner following up saying Sen Gregg wrote to Treasury telling them this is contrary to Senate’s understanding of TARP law when it passed. Tim is pushing back says he wrote a letter back, (yesterday) and now saying I understand but our reading of the law is that we have this power…SHXT CNBC interrupted to go to SEC..frak!

OMG OMG OMG DeMint just got Tim to admit Treasury and Admin lawyers in reviewing TARP legislation believe they have ONGOING authority to CONTINUE to use 700B out of General Funds to do with as they see fit in the financial markets..OMG OMG OMG

DeMint said if it is paid back it goes back into General Funds right, that is taken from what you can use. Tim said Yes and NO It goes to General Funds but WE CAN STILL DRAW IT AND USE IT DeMint said permanently, Tim said not sure about permanently but our attorneys say on an ongoing basis..

OMG OMG OMG HOLY SHXT WTH DID THESE YAHOOS DO! NOW THE POLITICAL ARM OF TOTUS, TREASURY HAS A REVOLVING 700B LINE OR CREDIT FROM OUR GENERAL FUNDS!!!

Will get video up as soon as humanly possible…

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If you are a glutton for punishment like I am, lol, watch live on CNBC Stream here

He is testifying before Dodd, friend of Angelo’s Cmte….ugh…

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May 20, 2009. Tags: , , , , , , , , , , , , . FDIC, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Update: Senator breaks ranks… DeMint says Daschle should withdraw…and Daschle’s Campaign Ad: he must have traded in his Pontiac for a Limo..

A previous Tom Daschle campaign ad showcased how Daschle drove to work daily for 15 years in an old Pontiac.

h/t to  RightWingSparkle

UPDATE: And FINALLY a Senator has stepped up to say STEP DOWN DASCHLE..and it is Jim DeMint, R-SC:

DeMint told FOX News that Daschle’s failure to pay $134,000 in federal taxes reflects a “problem with integrity” that the government cannot afford to tolerate. DeMint spoke out against Daschle as a number of prominent newspapers, including The New York Times, called for the South Dakota Democrat to drop his bid.

“It’s very unfortunate with Tom Daschle that this has occurred, but the president needs to lead. He needs to step in here and he needs to withdraw this nomination,” the South Carolina Republican said.

DeMint said he came to that conclusion after it became “obvious” that Daschle knew about the tax problems long before his nomination and did nothing to make it right.

“The average American would likely face criminal charges with tax evasion of this size, yet he did not address the issue until he was nominated,” he said.

February 3, 2009. Tags: , , , , , , . Politics. Comments off.

BILL FAILS, ‘DEAD FOR YEAR’: Dems look to TARP

The Detroit News has it up. WH has responded:

…The White House said it was evaluating its options in light of the breakdown.

“It’s disappointing that Congress failed to act tonight,” a White House statement said. “We think the legislation we negotiated provided an opportunity to use funds already appropriated for automakers and presented the best chance to avoid a disorderly bankruptcy while ensuring taxpayer funds only go to firms whose stakeholders were prepared to make difficult decisions to become viable.”..

Tomorrow will be wild and crazy in the markets .. I am getting up bright and early to watch the global markets react and see the futures which I think should lead to a down open, anyone with sense sees this is a frakin disaster, why I thought a simple majority of Congress Critters could reason their way out of a wet paper bag I don’t know, I never learn….

11:20 pm EST:  After REIDS disgraceful self serving speech and thank you, in which he didnt even apologize for his failure, finally a voice of reason:

FINALLY, Barbara Boxer D-CA stands up and says no change was here tonight, the American people will see who stood with the middle class and who didn’t tonight..in this crisis with the holiday we shouldve voted yes, unless Henry Paulson does the right thing… I am going to work as hard as I can to get the Treasury Secty to take action with these 3 million jobs that are on the line..we know Hank Paulson can save these jobs..if he can save all those jobs in the white collar industry certainly he can save some in the blue collar industry…. everyone knows I have had problems with Detroit, they didnt listen to us with fuel efficiency, but to lose our manufacturing base without even a helping hand to try and save it tonight is shocking, in closing I have a heavy heart right now, I have 200,000 workers in my state second only to Detroit that depend on thriving auto industry, I have a message Change is coming…people here for right reason to fight for middle class..(winding off now)

HERE WE GO: Everyone is waiting in the well….straggling votes coming in..it makes me all nervy how the Senate doesnt have the count on the screen and we have to wait…DeMint votes no, wonder if he sees rioters out in the hall, frakin maroon CORKER votes AYE, Good for him!.. Corker votes no..Bond votes Aye. Reid of NV NO? WTF? HUH????they are laughing on the floor WTH? REID VOTED NO!!??!!!!!

YEAS 52

NAYS 35

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December 11, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Doo Wop, Economy, Finance, Foreclosures, Housing, Labor Department, Music, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 2 comments.

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