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The Obama administration is launching a program that will pay banks and homeowners to help facilitate the sale of homes worth much less than outstanding mortgage loans, according to a report in The New York Times. The report said the plan will take effect April 5 and is part of government’s $75 billion mortgage-modification plan. Under [...] A meeting with the President of the United States is a terrible thing to miss. But some of Wall Street’s heavy hitters are doing just that today. Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley and Richard Parsons of Citigroup were all delayed at airports and unable to attend the meeting, the White House [...] Oh, well. Maybe we’ll still get the monorail. Here is a graph showing the true effect of the stimulus package on unemployment. And the answer is: the predictions were wrong and the stimulus seems to have had no effect whatsoever. The Terminator said in a podcast last Spring that unemployment was going to be the Achilles Heel [...] Charlie and I had lunch together the other day to chat, gossip, malign our enemies, praise our friends and apply our collective wisdom to political problems large and small. (Forewarned: it was such a lunch that resulted in The American Sector.) We are normally in general agreement on most things but this time we hit [...] Unseemly Metaphor of the Day Alert: the country is evidently beginning to notice the smell from the breaking wind of change. Slowly, inexorably, the great middle of the country is beginning to realize that this administration is — dare I say it? — as bad or worse than the last. Stunned by the magnitude of the [...] Most transparent administration! Ever! Kind of! WASHINGTON (AP) – The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today’s bleak landscape. The administration’s annual midsummer budget update is sure to show higher deficits and unemployment and slower growth than projected in President Barack Obama’s budget in February and [...] According to a new Rasmussen poll, 45% of Americans are more worried about massive debt and inflation than Obama and the Democrats in Congress. With the economy bumping slowly along, not recovering but not sliding into Depression either,1 people are beginning to wonder if allocating ¾ of a trillion dollars we don’t have to bailing out… [...] …let’s call the whole thing off. The Obama administration named a “compensation czar” yesterday to set salaries and bonuses at some of the biggest firms at the heart of the economic crisis, as part of a broader government campaign to reshape pay practices across corporate America. – WaPo Car Czar, Compensation Czar… I know that is common [...] According to reports, the future GM will be owned as follows: 70% by the Federal Government, 20% by the UAW, 10% by the saps who believed in the free market system. Tens of thousands of common stock holders, including thousands of elderly people who have portfolios filled up with what they saw as low-risk blue chip [...] |
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