Cramer Answers The Critics –

Airtime: Mon. Mar. 9 2009 | 3:29 PM ET

It’s time to take the issue from the pundits and from the left and right, and put it where it belongs, with Mad Money host Jim Cramer

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March 10, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

Obama Budget: Suprise! That Small Business Tax Cut on capital gains doesn’t kick in until …2014!!

Good Grief. This was the centerpiece of the last Presidential debate, a broken promise by Team Obama..

Ben Smith:

Obama’s budget plan closes the deficit in part by postponing a promised tax cut well into his second term. (MiM here: getting ahead of yourself there Ben!)

The focus on tax cuts was central to Obama’s campaign against John McCain, and his surprising strength in polls on the question of taxes.

One of those promised cuts — the second bullet point in his campaign economic planwas a pledge to “eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation.”

That cut has been deferred, a Republican source notes: The elimination only begins phasing in, according to the budget overview (page 122) in 2014, well into Obama’s second term.

February 26, 2009. Tags: , , , , , , , . Economy, Finance, Music, Obama Administration, Politics, Uncategorized. 1 comment.

Omnibus Budget Passes House, Earmarks Abound: the Roll Call

The House has passed the Omnibus Bill…

Has Obama told them about the CRISIS? Not a sign of being careful with our money anywhere in sight in this bill…I dread hearing about what is in here over the next few weeks…Sounds like Our Government wants to… all the time, party all the tiiime….

Who voted how?

Dems who voted no: 20, including the 2 from my neck of the woods, Moderate Dems..

Cardoza,Childers, Cooper,Costa,Donnelly (IN),Driehaus, Giffords, Hill, Kind,Kratovil, Marshall, Matheson, Minnick,Mitchell, Nye, Peterson, Speier, Tanner,Taylor,

GOP who voted yes: 16

Bono Mack, Brown-Waite, Ginny, Cao,Capito, Castle, Dent, Emerson, Gerlach, LoBiondo, McHugh, Miller (MI), Murphy, Tim, Reichert, Upton, Whitfield, Young (AK)

From Bloomberg

The U.S. House voted to boost spending on domestic programs by 8 percent, ease restrictions on travel to Cuba and kill a school voucher program in Washington, D.C., as part of a $410 billion spending bill.

The chamber voted 245 to 178 to approve an “omnibus” bill combining nine appropriations measures needed to fund the federal government through September, the end of its fiscal year.

Revenge of the Earmarks:

After persuading lawmakers to keep pet projects in their districts known as earmarks off the stimulus bill, Obama made no such attempt on the first non-emergency spending measure of his presidency. The result was that lawmakers claimed billions in federal funds for pet projects — a total of 8,570 earmarks at a cost of $7.7 billion, according to Taxpayers for Common Sense. Majority Democrats declined to provide a number of earmarks, but said the cost was far smaller, $3.8 billion, 5 percent less than a year ago.


Among the earmarks was one sponsored by Rep. Howard Berman, a California Democrat, who secured $200,000 for a “tattoo removal violence outreach program” in Los Angeles. Aides said the money would pay for a tattoo removal machine that could help gang members or others shed visible signs of their past, and anyone benefiting would be required to perform community service.

Under the bill, Mexican-licensed trucks are banned from operating outside commercial zones along the border with the United States. The Teamsters union, which supported Obama’s election last year, had sought the move. The Bush administration backed a pilot program to permit up to 500 trucks from 100 Mexican motor carriers access to U.S. roads.

Bush administration restrictions on travel to Cuba were loosened in the legislation, to permit more frequent visits and expand the list of family members permitted to make trips to see relatives on the Communist nation-island.

Do you get the sinking feeling that the Congress and the Administration are full throttle ahead on spending of any and all sorts?? It is almost as if…all they want to do is dance….they want to partay oooh they want to get down ooooh


The 1,000-plus-page spending bill provides a fat target for deficit hawks. It includes hundreds of pages of earmarks – pet spending projects inserted by lawmakers, ranging from $185,000 for coral reef research and preservation in Maui County, Hawaii, to $55,000 in meteorological equipment for Pierce College in Woodland Hills, Calif., to $9.9 million for science enhancement at historically black colleges in South Carolina.

Some lawmakers are SO excited they cannot contain themselves and are already reporting back home about all the pork they will be sending :


February 25, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Film, Finance, Healthcare, Music, Obama Administration, Politics, Popular Culture, Sci Fi, Uncategorized. 3 comments.

Market Movers for Tuesday: Case Shiller Housing Index, Bernanke Testimony and POTUS Budget Address to Congress….

UPDATE: On DOW today, new lows were hit for Caterpillar, Intel, Pfizer, GE, Alcoa among others…it is in EVERY SECTOR..contrary to Gibbs assertions, the markets, being a forward looking beast, are NOT merely reacting to the recession, NABE estimates the recession is nearly over. The markets are reacting to Obama Administration and Congressional policy IMO…killer for markets..

Case-Shiller Index is released at 9:00 am EST tomorrow, results forecast ANOTHER record drop in housing prices as the devaluation continues….Ben Bernanke speaks before the Senate Banking Committee at 10:00am EST and tomorrow evening the Budget Address to Congress Critters….Obama is already flip flopping on the Sunday chatter that they would let Bush tax cuts expire by throwing out a possible corporate tax deduction….small business seems to be off his radar now sadly….

New home sales numbers come out Thursday…..


Standard & Poor’s releases its S&P Case/Shiller Home Price Index for December, 9 a.m. (1400 GMT). Economists in a Reuters survey expect a decrease of 2.2 percent versus a 2.2 percent fall in the previous month.

Federal Reserve Chairman Ben Bernanke testifies on monetary policy before the Senate Banking Committee, 10 a.m. (1500 GMT).

NYTimes (with requisite JFK like Obama pose pic):

The televised speech, which his advisers have been preparing for as though it were a formal State of the Union address, is typically an opening act on Capitol Hill for a new president, a moment to outline specific goals of an administration. But the appearance by Mr. Obama follows a string of legislative action, notably passage of the economic stimulus package, along with a wave of criticism over a series of government bailouts and rescue plans.

MiM here, sounds like another no THERE THERE moment coming in this speech, just some canned campaign lines and Reagan SUN IS COMING UP language perhaps (if they listened to Big Dawg):

“Sometimes these speeches can be a series of disembodied initiatives, a catalog of ideas that don’t necessarily cohere,” said David Axelrod, a senior adviser to the president. “Today, we’ve got huge challenges that are very much related, so there is a narrative to tell about how we get to a better day.”

The president is not planning to announce significant new policies, officials said, but intends to explain how his agenda can advance despite the deepening recession and monumental budget deficit. The address will be heavily weighted toward domestic priorities and the economy, aides said, and will offer only a brief look at foreign policy.


While Mr. Obama will not lay out specific sacrifices he is asking of Americans, Mr. Emanuel said, a section of the address will be devoted to “what we’re going to have to give up” to withstand the challenges facing the nation.

MiM again, ‘what WE have to give up’ but NO specifics, yeah Carter malaise on steroids…more fear and loathing in the markets…

While the presidential address will be threaded with themes of optimism, in part to counter some criticism that Mr. Obama has been “talking down” the economy, aides said his words would reflect the harsh reality of the challenges facing the country.

AZ Republic:

A report Thursday will show new-home sales fell to 324,000 on an annual basis, according to the median estimate of economists surveyed by Bloomberg News. The same day, the department may report demand for goods meant to last several years dropped 2.5 percent, economists said.

A surge in foreclosures and plummeting demand for homes has depressed prices, sending the S&P/Case-Shiller 20-city home-price index down 18.3 percent in December from a year earlier, according to another Bloomberg survey.


“Housing is going to be declining for a good, long time yet,” said Derek Holt, an economist at Scotia Capital Inc. in Toronto. “This is not going to be a market where builders put new supply into the market this year because of the sharp overhang.”

At the December sales pace of 331,000 new homes, it would take a record 12.9 months to whittle down the number of houses builders are holding, more than twice the five-to-six months supply the National Association of Realtors has said is consistent with a stable market. U.S. home foreclosures rose 17.8 percent in January from a year earlier, according to a report from RealtyTrac Inc.

February 23, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. 3 comments.

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