Update: Dow opens lower, down 123…Market Mover Monday: Accelerated Stimulus Funding..Pay Czar…Credit Card Delinquency Rates Rise…

Video Update on Pay Czar:

Shoes dropping left and right..

Inflation you say? Yes well Team TOTUS is going to ramp up stimulus funding, MiM expects the 10 yr will float above 4.00 when that happens effectively killing the incipient housing recovery..and of course another Czar…

Hey there is an Axelrasputin after all so the Czars should be no surprise..

Czar Czar everywhere a Czar…

Killing the economy, taking my car…

Drive this, dont drive that, cant you hear the Czaaaaarrr..

The Dollar is rallying hard, taking my Gold down to 950, it’s a head fake I tells ya dont believe the hype, double dip recessions produce suckers rallies like nobodys business..how could we NOT have a double dip with the money printing and the interference with the markets?

Pay Czar:

The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation, according to two government officials.

The proposal is part of a broad set of regulations on executive compensation expected to be announced by the administration as early as this week. Some of the rules are required by legislation enacted in the wake of the worst financial crisis since the Great Depression, and they would apply only to companies that received taxpayer money.Others, which are being described as broad principles, would set standards that the government would like the entire financial industry to observe as banks and other companies compensate their highest-paid executives, though it is not clear how stringent regulators will make them….

Credit Card Delinquency Rates Rise:

the delinquency rate for bank-issued credit cards rose 11 percent in the first three months of the year, according to credit reporting agency TransUnion.The delinquency rate jumped to 1.32 percent this year, from 1.19 percent in the first three months of 2008, TransUnion said. The statistic measures the percentage of card holders who are three months or more past due on their payments for cards bearing MasterCard  and Visa logos, along with American Express and Discover cards.

The average total debt on bank cards also rose, jumping to $5,776 from $5,548 last year…

Promises, Promises, inflation to create government jobs, not a good deal IMO

President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.Obama is ramping up his stimulus program this week even as his advisers are ramping down expectations about when the spending plan will effect a continuing rise in the nation’s unemployment.

Many of the stimulus plans that Obama announced Monday already were in the works, including hundreds of maintenance projects at military bases, about 1,600 state road and airport improvements, and federal money states budgeted for 135,000 teachers, principals and school support staff….

June 8, 2009. Tags: , , , , . Economy, Finance, Housing, Labor Department, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

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