WOW! Must See TV: Congressional JEC panel ripping Geithner apart: Rep Brady (R-TX) first to ask him to resign: MiM starts Obama economic team “shake-up” watch…

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If you look at UE Tim, the US is substantially WORSE off than it was when Obama took office to answer Timmehs whine….In fact someone should tell Tim, taking him at his word that he believes all measures, any measure of economic activity shows things are better since January, the measure of foreclosures and delinquencies has also more than doubled since Obama ‘took charge’:

Update: 12:10pm EST: uh oh. Kudlow says and Steve Liesman confirms, that Geithner is the most fiscally conservative member of Obamas economic advisers.  No wonder we are in a world of hurt! CNBC just ran the Brady Timmeh back n forth so it should come up in a video post shortly. will get it up right away.

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Update: 11:!5am OMG OMG Geithner just threw Seniors unda da bus!! He acknowledges to Brownback that yes the CBO score only works if Congress actually DOES the Medicare cuts and he insists they must and should and will DO THE CUTS. He says the costs have to be reduced, Brownback is saying but why cant we save Medicare? Good grief Geithner is a disaster, you aren’t supposed to tell Seniors they are getting thrown under there Timmeh, Obama will be displeased. Good ad for the GOP though!

WOW!! Excellent!!!! Live feed from CNBC here

I am starting Geithner Fired/Resigns Watch now, there will fer shure be some sort of ‘ Obama economic team shake-up’ to placate the rumblings as they get ready to ask for MORE STIMULUS…They can’t get away with it under Geithner IMO, looks like he is marked as sacrificial lamb, but the Progressives will be no happier with Larry Summers, lol….

By dequalss

Typos abound, getting ready while I do this- TImmeh is red and ranting and blaming Bush and Rep Brady made him acknowledge yes he was head of NY Fed when this collapse happened, and they are cross talking, Brady says the public has lost all confidence in Geithner and he reflects badly on his President, he says at some point Geithner has to take responsibility…ohhh excellent!!

Update: 11:04am EST: Rep. Burgess (R-TX) just said “I don;t think you should quit, you shouldn’t have been hired”. Is that a bus engine I hear idling??? This the Joint Economic Committee and is made up of both Senators and House members, double the fun!! Now Sen Brownback is going off about the health care plan and the Yuan peg…

(FD-MiM is a former AIG employee and shareholder and we have followed Geithner’s handling of the crisis as NY Fed-head closely for two years now, our posts on Geithner, Hank Paulson and AIG are legion. Our previous posts on Geithner and the troubled CITI bailout here and  here and here and here and here and even here ….)

Recall Sens DeMint and Isakson called on Geithner to resign last March. As did several members of the House.

This is in keeping with the report in TheHill this morning:

A Congressional Progressive Caucus (CPC) member said there’s “growing consensus” among liberals that Treasury Secretary Timothy Geithner should step down.

Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore “Main Street.”“A growing consensus in the caucus [believe that Geithner should be removed],” DeFazio said on MSNBC this evening, adding that some lawmakers are “considering questions regarding him and other economic advisers.”

DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.

“We need a new economic team,” said DeFazio…..

Hey man, live by the populist pitchforks, die by the populist pitchforks. Hard to put that class war genie back into the bottle and it was a HUGE mistake to embolden the populist rhetoric flame throwers in the House…

This drum beat is getting louder. Dodd thinks Geithner is a drag on his polling, lol, and Simmons, Dodd’s GOP opponent called for Geithner’s resignation already:

A former House Republican running for the Senate in Connecticut is calling for Treasury Secretary Timothy Geithner to be replaced over his handling of AIG’s bailout.

GOP candidate Rob Simmons reacted to a report by Neil Barofsky, the inspector general of the $700 billion bailout program, known as the Troubled Asset Relief Program (TARP).

Barofsky’s report criticized the Federal Reserve Bank of New York, which Geithner led during the bailout, for a series of missteps that Barofsky said ended up requiring the government to provide additional support to AIG.

“The report issued yesterday by the inspector general for the TARP program is a deeply troubling account of Secretary Geithner’s failed management of the AIG bailout in which he cost taxpayers $13 billion in unnecessary new debt,” said Simmons, who appears to be the only candidate or office-holder to call for Geithner’s replacement in response to the report.The federal government committed more than $180 billion to AIG, which was crippled by poor investments and trades in credit default swaps, a financial derivative.

Simmons also attacked his opponent, Senate Banking Committee Chairman Chris Dodd (D-Conn.), in the statement calling on Geithner to be replaced.

“The cozy relationships between the bailed-out financial companies and powerful politicians like Tim Geithner and Chris Dodd are exactly why Americans have lost trust in Washington, D.C., and why we need new leadership with the skills and integrity to clean up their mess and get our economy back on track.”…

More great housing news:

US mortgage delinquency rates and the percentage of loans that entered the foreclosure process jumped in the third quarter, with both reaching record highs, the Mortgage Bankers Association said on Thursday.

The percentage of loans on which foreclosure actions were started rose to 1.42 percent in the third quarter, an all-time high, up from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.

…The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from 9.24 percent in the second quarter and up 265 basis points from 6.99 percent one year ago, the MBA said in its National Delinquency Survey. The delinquency rate broke the record set last quarter. The records are based on MBA data dating back to 1972.

The percentage of loans in the foreclosure process at the end of the third quarter was 4.47 percent, an increase of 17 basis points from 4.30 percent the second quarter of 2009 and 150 basis points from 2.97 percent one year ago.

The combined percentage of loans in foreclosure and at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey….

November 19, 2009. Tags: , , , , , , , , , , , , , , , , . CITI, citigroup, Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

DeMint and Bunning, Isakson call for Geithner to Resign..

Yowsa…Bottom line, the public/private partnership was not announced or moved forward today because of fallout over this AIG bonus fiasco. Geithner has no confidence with the people and members of the Senate have begun to call for him to resign as well. With the Turbo Tax Tag and his atrocious public performances as well as AIG and CITI under his belt he is simply unable to be effective in a time in which we need an individual with the know how AND the how to AND the damn guts and confidence. Jamie Dimon or Sheila Bair not Tiny Tim…

Read HA for the full scoop..

Jamie Dimon/Sheila Bair  for Treasury Secty please…

March 19, 2009. Tags: , , , , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St. 1 comment.

Memo to Team Obama: Two Top Bracket Picks for Secretary of Treasury: Sheila Bair and Jamie Dimon..

jamieboxing1

Jamie Dimon, JPMorgan Chase

Stop worrying about March Madness TOTUS, we have NO CONFIDENCE in Timmeh. Give us Jamie or Sheila, ASAP..

Sheila Bair was our top pick for Treasury. We have covered her here

Sheila Bair - FDIC Chief

Sheila Bair - FDIC Chief

Here is current FDIC Chariman Bair today on regulatory practices over non banking financial institutions..

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Jamie Dimon, JPMC CEO, everybody loves him on the street and he is pro Team Obama and has the authority, background, and frankly personality and leadership Timmeh does not

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Both Sheila and Jamie saw the housing meltdown and credit crisis coming and both sounded alarms, Sheila to regulators and Congress, Jamie to financial conferences. They kept their institutions whole through this and have served to help the rest of the financial sector get back on its feet as well as instilling confidence, something the Street needs from the Treasury.

Sheila managed the successful closures of failing banks, daily, especially IndyMac and has been fighting for housing mortgage modifications first. with Paulson and Geithner then with Geithner…October of 08…

From Bair’s prepared testimony (Senate Banking Committee):

The EESA, recently passed by Congress, includes a number of provisions to encourage loan modifications. In particular, EESA addresses the issue of foreclosure mitigation and provides authority that could hold significant promise for future loan modifications. The statute grants authority to the Secretary of the Treasury to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

. Specifically, the government could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans could be converted into loans that are sustainable over the long term. The FDIC is working closely and creatively with Treasury to realize the potential benefits of this authority.

Paulson and Geithner blocked FDIC every step of the way on this Congress Critters like Frank and Waters routinely yell at Kashkari to implement Sheila Bair’s plan monthly…we have posted those clips here at MiM, search Kashkari to view..

As you know, a number of steps have already been taken in this direction. But I think it is clear by now that a systematic approach is needed to help us finally get ahead of the curve. The FDIC is working closely and creatively with Treasury on ways to use the recent financial rescue law to create a clear framework and economic incentives for systematically modifying loans. The aim is for loan servicers to offer homeowners more affordable and sustainable mortgages. In sharing ideas with the Treasury, we have drawn from the program that we are using for modifying loans at IndyMac Federal Bank since we took control of that bank in July.

Bair also managed the only successful takeovers with government aid ie Wells Fargo Wachovia when Timmeh was trying to give it to CITI with loss of taxpayer money,(and no doubt to temporarily cover the horror of CITI  losses then, distract, merge, merge, bailout) Sheila got in Timmeh and Paulson’s way bigtime on that and saved tapayers money and refused to back down...IT WAS BEAUTIFULLY DONE!

Jamie took TARP he didn’t want so CITI wouldn’t collapse after he took on Bear Sterns in disarray when Paulson and Timmeh begged him to help save the financial system.(disclaimer MiM has worked at JPMC)…And scooped up WaMu...

March 19, 2009. Tags: , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Housing, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St. 5 comments.

Saturday Night Live: Geithner Cold Open

Saturday Night LiveVodpod videos no longer available.

more about “Hulu – Saturday Night Live: Geithner …“, posted with vodpod

March 9, 2009. Tags: , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

Breaking Update: Another one! Nominee for Intl Undersecretary drops out also…Nominee for Deputy Treasury Secretary steps down….

UPDATE: 7:20pm EST: CNBC reporting Caroline Atkinson who was nominated for International Undersecretary of Treasury has also withdrawn..

Apparently no one can pass the new vetting process…

________________________________________________

Another one under da bus!

Annette Nazareth steps down from consideration, WSJ reports (top bar, developing) (once more leaving Timmeh all alone at Treasury)

They cite her role in the SEC. Hmmm bad mojo for Geithner..like that 70s marble game…he is, the sole survivor….we are never going to get this financial rescue plan if he can’t even staff up properly…

March 5, 2009. Tags: , , , , , , , , , . Cabinet, citigroup, Economy, Entertainment, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

MiM Nominee for new Treasury Secretary…

Tim Geithner is about to speak to Congress about the Obama Budget plan..market flat right now post Bernanke….

In expectation of Timmeh falling flat, I nominate a salesman and showman for the spot going forward….

Who can inspire confidence? Who has the energy? Who who who?

You haven’t seen a real showman until you see DLR come flying in over your head on a surfboard singing California Girls…..

(more…)

March 3, 2009. Tags: , , , , , , , , , , , , , , . Cabinet, CITI, Economy, Entertainment, Finance, Hair Bands, Music, Obama Administration, Politics, Popular Culture, TARP, Uncategorized, Wall St. 1 comment.

Update: Treasury Swearing In Ceremony…Senate confirms Geithner 60-34….Obama A Team now assembled..time to git r done!

Update 3: from the  Rollcall:

the Nays:

NAYs —34
Alexander (R-TN)
Barrasso (R-WY)
Bennett (R-UT)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Byrd (D-WV)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
DeMint (R-SC)
Enzi (R-WY)
Feingold (D-WI)
Grassley (R-IA)
Harkin (D-IA)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Risch (R-ID)
Roberts (R-KS)
Sanders (I-VT)
Sessions (R-AL)
Specter (R-PA)
Thune (R-SD)
Vitter (R-LA)
Wicker (R-MS)
Not Voting – 4
Bond (R-MO)
Brown (D-OH)
Kennedy (D-MA)
Wyden (D-OR)

Update 2: Byrd, Feingold, Harkin & Sanders voted no…

AP Video of Senate confirmation vote

Inhofe’s speech in opposition to Geithner

Update: CNBC and FOX have a live box up with a large assembly and a POTUS podium seal at Treasury…watch LIVE STREAM for breaking announcements…

***5 members of Democratic Caucus voted against Geithner****

Secretary of the Treasury, Timothy Geithner confirmed...

60-34..waiting for updates…

Now let’s get to work on the housing…He has the TARP Tranche Deux a cool 350 billion, he has the authority, now .

“Just Do It…”

geithner

Okay, now we have the Obama “A” Team of economic action in place..now get out there and git r done!

LOTR courtesy of Tituskhain

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

Pelosi and Reid (and separately) Hank Paulson to speak LIVE at 2:00 ET…..

Update: Pelosi and Reid also holding joint news conference now, 2:00pm ET, on Big 3 Bailout, sounds promising..(Dueling conferences! Hang on to yer hats!)

Update: Paulson’s statement released, it seems to be a map of his decision making on Lehman, TARP all of it, and not much of use to us in re immediate action….more of the ball is in Obama’s court stuff so to speak..

Just when you thought it was safe to go back in the water…

THE RETURN OF HANK!

Hank Paulson speaks LIVE in 21:17:13 according to the CNBC countdown clock…they will carry it live when it begins

Unless he plans to say they are using TARP for the FDIC plan, I think discretion is the better part of valor and he should remain mum..

After all, his last outing ‘cratered’ the markets, as the ever politic Charlie Gasparino just reported on CNBC..

Here’s hoping it’s something good, cuz after all as Gary Gnu said “NO GNEWS IS GOOD GNEWS!”

Batten down the hatches mates!

November 20, 2008. Tags: , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Politics, TARP, Wall St. Comments off.

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