Update: When MiM worlds collide: Red State Update meets SDCC: Dennis Miller, ‘Avatar’ Cast, James Cameron Talk To Jackie at Comic-Con

Vodpod videos no longer available.

Jackie interviews Sigourney Weaver, Stephen Lange, and James Cameron after the ‘Avatar’ preview at Comic-Con.http://www.redstateupdate.com

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July 24, 2009. Tags: , , , , . Celebrities, Comedy, Entertainment, Fantasy, Politics, Popular Culture, Sci Fi. Comments off.

Repost: AIG Bonuses…

I love when Dunlap does his AIG impression GIVE ME MY M-F BONUSES!!!

FD: MiM are former employees and shareholders of AIG, we are quite biased :0) We have written about the bailouts at length here at MiM

We love this clip. We agree the employees at this unit NOW deserve these contractually obligated non performance bonuses.

The original (March) performance bonus loophole fiasco engineered by Chris ‘Countrywide VIP – seen my lovely Irish cottage’ Dodd and the payment of the CDS in full to Golden Slacks was just total BS. What a clusterfxck AIG is. But the still dark waters of AIG run deep, they will get their money…

Courtesy of travisandjonathan

Jackie and Dunlap express America’s outrage over the AIG bonuses in their interview with one of the most hated men in America… Shimmysham the AIG Dummy.

And the take on the G8 carbon goals:

July 12, 2009. Tags: , , , , , . Comedy, Economy, Entertainment. Comments off.

Update: CNBC reports…And the Beat goes on…the beating in Housing that is….

CNBC Video Update on the prior month release, November’s prices, and December housing starts:

Courtesy of RealDealNews:

David Crowe, senior staff vice president of the National Association of Homebuilders, Mark Zandi, chief economist at Moody’s Economy.com and CNBC’s Diana Olick discussed home purchase stimulus options on CNBC yesterday, in the wake of new data about the drop in home prices and new home starts in 2008. David Crowe argues that a temporary tax credit for home purchases will help to stimulate the housing market.

Yes, housing values have dropped another 15% …shocker!!..uhm NOT…We knew this was coming..where oh where is our HOLC??..once again declines in housing values outpace expectations for a whopping 15% drop in median home price nationwide year over year…we at MiM have been clanging the alarm bell on housing since 2005…our arms are tired ..where the hexx is the action on mortgage modification and foreclosure mitigation???

when will I–I-I-I- see HOLC…..sing it Linda..

And the beat goes on… Team Obama is pushing energy today…let’s hope this team gets a housing rhythm soon…they are WAAY off target to fix this economy…the list of job losses he read off (CAT-20,000; Home Depot 8,000 etc) will NOT be helped by increasing fuel efficiency standards peeps…

here is a laugh for today, cause we sure as hexx need one if Team Obama is this far off target…(and his energy legislation has daycare in it, earmark? who me earmark? I mean MiM is all for daycare but that is a frakin earmark baby)

I am sure the bankrupt auto makers are simply thrilled with this move coming now..good Gawd…I mean this is nonsensical…do this in a year, not NOW…Oh there ya go, GM announcing another few thousand layoffs in OH and MI and shutting in plants for an additional period…

housinginyourhands

the ever-brilliant MSM has decided to focus on the ‘surprise’ jump in home sales last month..completely missing the enormous JUMP in Deeds in Lieu of Foreclosure that is sweeping the nation..we call it Jingle Mail….CNBC reports:

A real estate group says sales of existing homes rose 6.5 percent from November to December, closing out the worst year for the U.S. real estate market in more than a decade…

But THIS is the real news to follow:

The median sales price plunged to $175,400, down 15.3 percent from $207,000 a year ago.

The price drop represented the largest decline since the NAR started keeping records and probably the largest since the Great Depression, Lawrence Yun, NAR chief economist told reporters.

That was the lowest price since May 2003 and the biggest year-over-year drop on records going back to 1968.

And how do homeowners FEEL about their home values? Cause ‘everybody knows’ that it is that ephemeral FEELING that leads the consumer to spend or not to spend and THAT is the question….CNBC:

The record 61 percent of homeowners saying their home price fell last year suggests the worst housing market since the Great Depression is less likely to rebound before 2010, according to the survey.

Foreclosures will continue to escalate as home equity keeps falling below outstanding mortgage balances, and homeowners will remain intent on rebuilding their savings and reserve funds, the survey said.

But what can we do? PUT A FRAKIN FLOOR IN THE HOUSING MARKETS!!! IT’S TEH HOUSING STOOPID!!

*sigh*

well, the Case-Schiller Index is out this week and should scare the hexx out of everyone so perhaps we will have Geithner in by then and he will make a move…but we are beginning to suspect that Team Obama may have plans to wait…

Here is our worry at MiM, we are concerned that perhaps Obama plans to WAIT for the announcement of TARP 2, which is already funded and which WILL at least partially go to housing..anywho we think he may plan to WAIT to make a move on TARP Deux until AFTER the stimulus plan is passed..that isn’t until the end of FEBRUARY!!!

But, he likely doesn’t want to give the GOP ammo to use on the floor during the debate on the stimulus, ie, wahh wahh we just saw another 350billion in TARP used to no avail wah wah wah…

these are the same yahoos who put NO strings on the first 359 bill which is why NONE of it went to ameliorate the housing CRISIS, yeah its a frakin crisis ‘member?

…good gawd save us from these politicians…

for anyone who missed the carnage, here is the Case-Schiller Index report from December 30, 2008, brutal, just brutal…via CNN Money, the LAST Case Schiller Index was SOOO bad everyone, MiM included, expected ACTION on housing out of the gate from PEBO…

The latest Case-Shiller numbers provide more ammunition to Washington policy makers who want to do more to fix the housing mess, according to Jaret Seiberg, an analyst with the Stanford Group, the policy research firm.

“These data just add to the tremendous pressure on the president-elect and the Democrats to stimulate housing,” he said. “That means more lucrative tax incentives and broad foreclosure prevention. All of this will likely be in the stimulus plan that Congress adopts in January.”

Nicholas Retsinas, Director of Harvard University’s Joint Center for Housing Studies, agrees. “Housing problems are at the core of our economic problems,” he said, “yet, of the government interventions made during 2008, few were focused on housing.”..

where is the housing action??

-cricket-

-cricket-

Instead Obama is today announcing he plans to allow each state to set their own emissions standards, so P.S. Gas is going back up peeps, yeah how I wish I could buy it up and store it now…WTH is all this focus on ENERGY right now while housing is falling off a frakin cliff and gas is so low?? THIS is NOT the current crisis!!  FIX THE HOUSING!!!

January 26, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 2 comments.

Go Back Jack, Do it Again…Another 350B…PEBO asks for TARP Tranche Two

(courtesy of Melegorm)

Finally the frakin letter itself!

To be ABSOLUTELY CLEAR HERE, LOL, this is Team PEBO, which is largely comprised of UofC (Fuhrman, Goolsbee both in the meeting with DEM Senate leadership yesterday-the bill in question is coming from the House) and moderate Capitalists (Summers et al) , certainly not economic lefties, snark..

anywho, this is an attempt to head off the legislation Barney Frank has a hearing scheduled on tomorrow. The LETTER is a loose framework of nice words and means nada, I hope Barney passes this legislation before he hands over ANOTHER 350B of the taxpayer dollars with nary a string and a handshake and a letter. He should have learned from the first tranche.

Different players, same story. They are not really that different are they? It is Geithner incoming Treasury Secretary who ran the AIG and CITI bailouts after all….

PASS THAT LEGISLATION BARNEY! Don’t give them the dough without protecting taxpayers this time!!

Update 5: The letter via WGNtv :

President-elect Barack Obama’s top economic adviser tells Congress that the need for the remaining $350 billion of the financial bailout package is “imminent and urgent.”

Larry Summers has written a letter to the bipartisan leadership of the House of Representatives and the Senate to assure lawmakers that the money will be used to help community banks, small businesses, consumers and homeowners as well as large financial institutions.

And more interesting background from KTTC Rochester (via Politico):

Emerging from a two-hour meeting in the Capitol with Obama advisers Lawrence Summers and Jason Furman, Senate Democrats praised the President-elect’s team for agreeing to make changes to its stimulus proposal based off of concerns senators raised last week at a meeting with the president-elect’s senior aides.

The Obama team told about 35 Senate Democrats gathered at Sunday’s meeting that it would grow the size of an energy-tax incentive package and modify proposed tax credits for individuals and for businesses that hire new employees, according to meeting attendees. Also, with lawmakers raising concerns that the first half of the $700 billion of the financial rescue law was badly mismanaged, Obama’s team signaled it would lay out precisely how it would spend the second half of that package, which Congress is expected to consider as soon as this week.

“It’s very clear they’ve listened, they’ve heard and that they’re moving to respond,” said Sen. Kent Conrad, chairman of the Budget Committee, who questioned previously whether the tax credits in the stimulus package were enough to encourage new jobs. “It was very, very healthy. They’re not defensive, not arguing back, they’re listening, they’re attempting to hear and they’re responding.”

Update 4: 12:48pm EST: Update on the ‘letter of understanding’ via FoxBusiness:

The letter includes provisions that would loosely commit the Obama administration to use TARP funds to help troubled homeowners avoid foreclosure; to adopt tougher executive compensation limits and corporate governance standards for firms that participate in TARP, and increase reporting, oversight and disclosure requirements in the program.

The letter would allow the president-elect and Congressional Democrats to avoid a potentially embarrassing veto fight in Mr. Obama’s first weeks in office. The Treasury has spent or committed all of the $350 billion funding in the first half of the $700 billion TARP. To get authorization for the last $350 billion, the president — Bush now, or Obama after he takes office — must submit a report to Congress outlining how the Treasury would spend the money. The funding will be authorized automatically unless Congress votes to approve a “resolution of disapproval” within 15 days of receiving the report.

But the president could veto the resolution. Then to stop the funding, Congress — controlled by the president-elect’s own party — would have to override the veto with a two-thirds vote in the House and Senate.

While sources believe the next $350 billion will come regardless of how the process unfolds, a veto and effort to override it “would set up quite a mess the first weeks in office” for Mr. Obama, a financial industry source said. “That would be a disaster politically.”

Update 3: Larry Summers sending a ‘letter’ FOX reporting -vaguely – that letter indicates they (PEBO Team?) want to get more funds to Main St…

For a GREAT piece on how liberals are viewing the recent PEBO Team activity, read Jimmy Pethokoukis’ column here:

…But it’s Obama’s $800 billion American Recovery and Reinvestment Plan that will be ground zero in this coming liberal internecine battle. “Way too much Reagan, not nearly enough FDR,” griped some key liberals about a plan that would, in addition to the tax cuts, still provide a whopping half-trillion dollars over two years in government spending for infrastructure, healthcare, education, clean energy, grants to states, and aid to lower-income and unemployed folks.

Some of their greatest hysterical hits: 1) “The economic plan he’s offering isn’t as strong as his language about the economic threat,” wrote NY Times columnist Paul Krugman. “In fact, it falls well short of what’s needed”; 2) the Center for American Progress, a liberal think tank founded by Obama transition co-chair John Podesta, said the Obama plan was chock-full of “special interest favorites” and “long-discredited conservative proposals”; 3) Sen. Tom Harkin said Obamanomics “still looks a little more to me like trickle-down,” invoking a Reagan-era economic invective that liberals love to hurl; and 4) Nancy Pelosi, who seems to actually believe the Obama campaign spin that the Bush tax cuts somehow caused the recession, blurted out this gem: “Put me down as clearly as you possibly can as one who wants to have those tax cuts for the wealthiest in America repealed.” Duly noted, Madam Speaker.

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January 11, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

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