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How many people will become unwitting interest slaves for the rest of their lives by signing up for one of these "loan modifications"? That is likely to happen if non-recourse loans become recourse loans.
"No More Pork!" (Now the Republicans get principled???) But then the people had their say too.
Consider "ring-fencing" the United States, pulling all swap lines and protecting ourselves. We cannot backstop the world; we don't have the money and can't raise it. We are tying an anvil to our ankles and jumping into the water,
"Madison wrote, 'Justice is the end of government. It is the end of civil society. It will be pursued either until it be obtained or until liberty be lost in the pursuit.'"
To “save” the economy is to “save the banks,” along similar lines to the West trying to save its banks from their adventure in the post-Soviet economies. This is the basic neoliberal economic plan, after all. The U.S. economy is about to be “post-Sov
"This case cannot be litigated," Department of Justice attorney Douglas Letter argued. "The judges shouldn't play with fire in this national security situation."
The military must be prepared, the document warned, for a “violent, strategic dislocation inside the United States,” which could be provoked by “unforeseen economic collapse,” “purposeful domestic resistance,” “pervasive public health emergencies” ..
I think Karl Denninger hit the nail on the head.
"The economy will turn around. Things will get better. The banks will be worth a lot of money. And they will cash out. And we will be paying higher taxes, we and our children, will be paying higher taxes so those people could have those bonuses.
We were warned about the Israeli lobby by writers like Justin Raimondo for over a year before Barak Obama became president.
Obama drops plan to name a single "car czar" to oversee the restructuring of GM and Chrysler. Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the Presidential Task Force on Autos
President Obama has dropped the idea of appointing a single, powerful "car czar" to oversee the revamping of General Motors and Chrysler and will instead keep the politically delicate task in the hands of his most senior economic advisers
Six former Rhodes Scholars (educated at Oxford University in Britain) and four others associated with the London School of Economics are serving in key posts in the Obama administration. That’s not good.
And...Here...We...GO!
What is the reason then that we are following a path that will fail? Are those who know what is happening afraid to admit it, to tell the truth? Is it simple looting until the harsh medicine is taken? Is it the cowardice of the Democrats?
Obama’s bailout plan, added to the FY 2009 budget deficit he has inherited from Bush, opens a expenditure hole of about $3 trillion. As Craig Roberts, pointed out here last week, “Who is going to purchase $3 trillion of US Treasury bonds?
The conclusion has to be that Geithner doesn’t know how his “stability” plan will work out in practice because he’s not yet sure what China and other global players are going to do. Our fate lies in their hands, signaling desperate times for our nati
This is why they needed $21 million to re-sod the National Mall. Perhaps President Hussien should take the money out of his vast millions that he received to pay for the inauguration and clean up this mess!!
President Obama is under the impression that history owes him $1 trillion right now to spend on whatever he wants... It just goes to show you that the presidency is something like a drug.
Congressman Ron Paul speaks outside the Capitol Building on legislative process and the passage of the Stimulus bill. It was very windy this day, so apologies for lack of a windscreen!
I suspect that $50 billion will soon become $250 billion. This plan is not about foreclosure prevention. It is a fraudulent scheme to dump toxic waste on unsuspecting taxpayer bagholders.
Q. So the government is giving me back my own money? A. No, they are borrowing it from China. Your children are expected to repay the Chinese.
"Please be advised, in particular, that in the event we are forced to file a motion to quash and we prevail in that motion, we will seek the full measure of monetary sanctions provided for..." (BACK OFF!)
The difficult part of this interview is that the CNN reporter can't keep up with Yves Smith.
The Japanese are as nicely as they possibly can telling the US that we are in a terrible mess and we need to get on top of it ASAP. This is a blunt warning. I am sure the significance of the Japanese attempt at tough love will be lost.
The silence was overwhelming when Nassim Taleb had the temerity to suggest that the bonuses of the Wall Street financiers should be withdrawn as punishment for ripping off the taxpayer. Maria Bartiromo looked ashen.
Jim Rogers rips the hide off Tim Geithner in this Bloomberg video.
Now that there's a tentative agreement on the economic stimulus plan that President Barack Obama and other supporters hope will provide a considerable jolt to the economy, how long will it take to get infrastructure and other projects moving?
The government reported a deficit of $84.0 billion in January ... [compared to] a surplus of $17.84 billion in the same month one year ago.
"Nothing the government can do is capable of altering the unavoidable reality that fewer American businesses and consumers will have access to prior levels of credit," Oppenheimer & Co's Whitney said.
