Mama Bin Cranky

Screaming on the Inside

Posts Tagged ‘TARP 2’

GM CEO Fired by Pres. Obama

Posted by madjillmom on March 29, 2009

Guess Obama has gotten used to being on TV.  He thinks he is Donald Trump now.  Word is out that Pres. Obama made it known that Waggoner was to resign at GM.  This is really creepy.  Was it in exchange for bailout funds?  So now the executives and Board at GM are no longer running the company.  Now Obama is running the company. Perhaps he is bored with his current job.  How far off is the government issued edict that tells us we have to buy a GM or else?  Is the Obamamobile coming off the line soon?

I also can’t get over the feeling that the UAW and Ron Gettelfinger had something to do with this.  Also, the defacto car czar has run his media empire into the ground.  Now he is calling the shots at the Big Three.  Where are the plans the auto companies submitted?  Were their ideas sound, exercising good judgement and shared sacrifice?  Where does Obama and the firing of GM CEO come in? 

My husband works for a company that received TARP funds.  Wonder if the CEO will be fired by Obama?  What about the CEO of the corporation you work for?


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Sec. Geithner on Fox Business

Posted by madjillmom on March 24, 2009

I saw Treasury Sec. Geithner on Fox Business  this evening at some WSJ meeting or roundtable or something.  I think he sounded OK.  I hope there is something to this guy.  The new plan goes over my head at this time.  Don’t really have time to study it.  I guess the market liked it or was the market just happy that there is something on the table.

Posted in The Economy | Tagged: | Leave a Comment »

Cramdowns will hurt the Banks

Posted by madjillmom on March 2, 2009

One part of the Dems plan to stabilize home values is to allow judges to have the power to alter contracts between homeowners and banks by reducing interest rates and possible principal write downs on mortgage loans (known as cramdowns).  Won’t the results of this be the banks making less money and becoming unstable or more unstable than they currently are.  If the government can’t value toxic assets now, how will there be investors for those toxic assets if they are subject to cramdowns. 

Should any judge be able to altar a binding contract?  Are contracts binding in this day and age?

Posted in Obama Administration, The Economy | Tagged: , , , | Leave a Comment »

Easy Bank Fix

Posted by madjillmom on March 1, 2009

Jeffrey Carter at Pajamas Media has this post on fixing the banks.  I have heard repeated calls for the repeal of Mark to Market since early last summer.  The other two items seem reasonable to try.  Now my question is why haven’t they been tried?  Which constituency benefits from this crisis?  The only benefit is to those who want much bigger government.  Using this crisis to implement lots of “change”. 

These ideas don’t transfer taxpayer money to the balance sheets of banks.  It doesn’t sound like accounting gimmicks.  What don’t I know about this whole process?  Yesterday, I read somewhere about private individuals trying to buy good performing loan bundles for 14 cents on the dollar.  The bad loan bundles/assets aren’t worthless.

Posted in The Economy | Tagged: , , , | Leave a Comment »

In the Midst of Crisis, Pres. Obama meets with George Clooney

Posted by madjillmom on February 25, 2009

We don’t have the details of TARP 2, the “Save the American Automobile” Committee hasn’t given us anything, the Omnibus Pork bill is looming in the near future, there is no HHS secretary designate, the economy is in a inherited tailspin, and the Pres. complained on Tuesday that he has enough on his plate without the economic concerns. Somehow Pres. Obama did find some time to meet with George Clooney on Monday. That is just great. I know I feel better now. Everything will soon be just fine. Apparently they talked about Darfur. I wonder if Sec. of State Hillary was in the meeting?

Isn’t Obama a big enough star to not be impressed with stars? Guess not.

Posted in Obama Administration, Pet Peeves, The Economy | Tagged: , , , | Leave a Comment »

Does the Stock Market love Obama’s Stimulus Bill?

Posted by madjillmom on February 16, 2009

I am not certain that the stock market really likes the plans that Pres. Obama is bringing forth in a real piecemeal fashion.  It was clear on Friday the 13th that the Stimulus Bill was a done deal.  The market fell again on Friday, reflecting a 5% drop since Pres. Obama came into office. On Tuesday, Sec. of the Treasury gave us the rough, theoretical overview of the outline (written in pencil only) of TARP 2 and the market didn’t like it or didn’t like the “deer in the headlights” style of presentation.  It fell almost 400 points that day.  This week, we look forward to the signing of the Stimulus Bill (in Denver on Tuesday, why?), Pres. Obama’s plan to do something about foreclosures,  and the Big Three (ha,ha) plan to be financially solvent.  I feel like we are waiting for the Obama financial plan centipede to drop the next shoe.

I thought by this time all the plans would be out there.  I thought George Soros and Warren Buffett would be out there throwing money at the market.  Where are they?  The president they supported is in office now, better pull some money out from “somewhere” (see posting for 2/10 posting – Tax Cuts Accorging to Obama) and prop him up before more of us lose confidence in his ability to fix anything.

Posted in Obama Administration, Obama's Stimulus Bill, Prominent People vs. Ordinary People | Tagged: , , , | 2 Comments »

Hurry, Hurry, Hurry some more

Posted by madjillmom on February 11, 2009

–Update:  Harry Reid just came out and called the 3 RINOs brave and patriotic.  Everyone patting themselves on the back.  Harry sends a kiss to Nancy.  How sweet.  We don’t have any time to waste so hurry.  789 billion —

There are reports the Conference Committee has finished or almost finished the stimulus bill.  Boy, that was quick.  It doesn’t make me feel any better about the whole process. Making Sausage:

  1. Pres. Obama promises stimulus bill is first priority, but doesn’t write up a proposal or preferred bill.  Says to hurry!!!
  2. Nancy Pelosi and House Democrats write bill quickly throwing everything and the kitchen sink in it.  We need to hurry!!!
  3. Pres. Obama meets with Republicans but doesn’t insist to Pelosi or Reid that they have any real input.  Style over substance.  Keep hurrying!!!
  4. House Republicans grow some and don’t cave.  Born Again Republicans!! 
  5. After being embarrassed over some parts of the bills, Pres. Obama asked for a few things to be removed.  Why didn’t he oversee this from the start? Please, please, please hurry!!!
  6. Three Senate RINOs are deluded into thinking they have input and vote for cloture.  Hurry some more!!!
  7. Pres. Obama takes umbrage that his style over substance overtures didn’t reap much support.  Goes to townhall meetings and lies about false choice (no stimulus versus this stimulus).  Says Republicans don’t think there is a crisis.  This is not true.  I think all but one Republican (Ron Paul) would vote for a stimulus that provided more tax cuts, no new government programs, and reasonable infrastructure spending (including reasonable Green Initiatives).  Pres. Obama assures us that government can spend the money fast and wisely.  (This is so hard to believe on so many levels.) Can’t afford to wait!!!
  8. Treasury Secretary finally gives speech about TARP 2.  Falls on face, market tanks, but keep hurrying or we might all perish!!!
  9. House Committee grills Bankers over TARP 1 abuses.  Just another government program that we hurried to put in place.
  10. Conference Committee hurries to get a compromise bill.  Republicans mostly shutout.  This is a crisis, we have to hurry!!!
  11. Pres. Obama promises that bill will be available on the internet 5 days before he signs it.  Will this happen or are we in too much of a hurry!!!!

FYI, I emailed my Senators last week and said I could support a stimulus bill at 650 billion heavy on the tax cuts.  Sorry this post is so long.  I tried to do it really fast!!!

Posted in Obama Administration, Republican Dissent | Tagged: , , , | Leave a Comment »

Friend of Angelo Dodd Introduces I Didn’t Pay My Taxes Geithner

Posted by madjillmom on February 10, 2009

I cannot believe the audacity of putting Dodd out there to introduce Geithner. Don’t they know that many of us feel that Dodd is one of the main reasons for the financial crisis by aiding and abetting Fannie and Freddie misdeeds. Putting him out front and center gives us no reason to think these people can do anything more than muck it up further.

Posted in Corruption, Obama Administration | Tagged: | Leave a Comment »

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