Archive for January, 2009

Next Up: Massive Option ARM Defaults

By Justin Gardner | Related entries in Bailouts, Housing

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 & […]

January 30th, 2009 | Permalink| 1 Comment »

“Stimulus plan” still needs more stimulus

By John Burke | Related entries in Economic recovery, Fiscal stimulus, House, Obama, Senate

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 […]

January 30th, 2009 | Permalink| 6 Comments »

Postal Service May Cut Back On Delivery Days

By Justin Gardner | Related entries in Money, Social Programs

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 […]

January 29th, 2009 | Permalink| 13 Comments »

Stimulus Passes With No Republican Support

By Justin Gardner | Related entries in Barack, Democrats, Economy, Legislation, Republicans

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 […]

January 29th, 2009 | Permalink| 15 Comments »

Only 5 Red States Left? Pfft…Keep Dreaming Dems

By Justin Gardner | Related entries in Barack, Polls

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 […]

January 29th, 2009 | Permalink| 5 Comments »

Does the Bernie Madoff doll (or action figure) trivialize his scam victims?

By Darren Garnick | Related entries in Bad Decisions, Bailouts, Corporate Business, Crazy, Culture, Disasters, Economy, WTF?

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? 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, […]

January 28th, 2009 | Permalink| 3 Comments »

Obama’s new Afghan policy: more war, less development and reconstruction

By John Burke | Related entries in Karzai, Obama, War

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 […]

January 28th, 2009 | Permalink| 1 Comment »

Why Are Republicans Against Mortgage Cramdowns?

By Justin Gardner | Related entries in Barack, Economy, Housing, Legislation, Republicans

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 […]

January 28th, 2009 | Permalink| 13 Comments »

I Guess Rush Limbaugh IS The Voice Of The GOP

By Justin Gardner | Related entries in Media, Partisan Hacks, Republicans

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 […]

January 28th, 2009 | Permalink| 5 Comments »

Republicans Want More Tax Cuts In Stimulus Plan

By Alan Stewart Carl | Related entries in Congress, Economy, Republicans

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 […]

January 28th, 2009 | Permalink| 5 Comments »