Liquidity Crisis 2.0 is right around the corner. From WSJ: Nearly $750 billion of option adjustable-rate mortgages, or option ARMs, were issued from 2004 to 2007, according to Inside Mortgage Finance … Rising delinquencies are creating fresh challenges for companies such as Bank of America Corp., J.P. Morgan Chase & Co. and Wells Fargo & [...]
I strongly support a massive fiscal stimulus to restore an atmosphere of confidence, avert a continued, severe downward spiral, and give the economy a big enough jolt to jump start a recovery. But the $819 billion plan (really a $1.2 trillion plan including interest on the debt) adopted by the House of Representatives yesterday isn’t it. A [...]
Apparently everybody is tightening their belts. From Wash Post: In testimony before a Senate subcommittee yesterday, Postmaster General John E. Potter said the post office may be forced to cut back to five-day delivery for the first time in the agency’s history, citing rising costs and an ongoing decline in mail made worse by the [...]
The blame for this is on both sides. The House Dems shouldn’t have put in provisions that were easily targeted as appearing to be non-stimulative and the Republicans are being the party of no. But is this more dangerous for Dems or Repubs? From WSJ: WASHINGTON — President Barack Obama has talked often about working [...]
That was the buzz yesterday. In fact, the numbers guy himself Nate Silver pointed to a Gallup post today that shows a surprising picture when looking at party ID. That’s right Dems! Oklahoma, Louisiana, Kentucky, Tennessee, Arkansas and South Carolina are turning blue! Now, to be fair to Nate, he was skeptical, but didn’t say [...]
In this economy, would you pay $149.99 for a Bernie Madoff action figure? Would your answer be influenced if you knew it was a limited edition action figure? Herobuilders.com is no stranger to controversy, brazenly giving G.I. Joe collectors the meanest enemies possible to wage war on — Saddam, Osama, Hugo Chavez. Without bad guys, [...]
A U.S. combat outpost in the endless mountains of Afghanistan President Obama said in his campaign that he would shift U.S. attention to the war in Afghanistan and rethink American strategy there. It’s clear he intends to do just that. But according to a New York Times story sourced to “senior administration officials,” in a [...]
Looks like the cramdown provisions will be taken out of the stimulus bill, but this is frankly puzzling to me. Because Americans need to have mechanisms to renegotiate the values of their homes, and thus their mortgages. And every single person I’ve read on this subject has said that this will result in fewer foreclosures [...]
One day after a Republican Congressman criticized Limbaugh, well, I think you know where this is going… From Politico: Rep. Phil Gingrey (R-Ga.) apologized Wednesday to “my fellow conservatives†for comments critical of talk-radio host Rush Limbaugh – saying he sees “eye-to-eye†with Limbaugh and that his remarks defending House Republican leadership came across more [...]
In a last-ditch effort to influence the stimulus package, Republicans have proposed an alternate bill focused predominately on tax cuts. “If government spending was going to get us out of this mess, we’d have been out a long time ago, because that’s all we’ve been doing,” said Rep. Jim Jordan, R-Ohio. “This is not going [...]
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