RSS Feed
Twitter
Facebook
Email
HomeObama Playing ‘Four Corners’ Offense in Budgetball
Posted by Larry Doyle on July 20th, 2009 12:04 PM |
I thought Barack Obama liked basketball. Lovers of the game coerced the NCAA to utilize a 24-second clock in order to speed the game up, showcase players’ talents, and render the North Carolina ‘four corners’ offense ineffective. What was the basic premise of that offense? Stall tactics.
Well, welcome to the Brave New World of the Uncle Sam Economy where there is none other than President Obama working the budgetball around in true four corners fashion. The Associated Press reports White House Putting Off Budget Update:
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 update in May, and that could complicate his efforts to get his signature health care and global-warming proposals through Congress.
The release of the update – usually scheduled for mid-July – has been put off until the middle of next month, giving rise to speculation the White House is delaying the bad news at least until Congress leaves town Aug. 7 on its summer recess.
Who is playing ball with Barack? Tim Geithner, Peter Orszag, Larry Summers, and Austan Goolsbee, along with every other member of his administration. No surprise. The question begs, though, who is playing defense to expose this purely partisan political stall tactic? (more…)
Wall Street Plays Washington
Posted by Larry Doyle on July 7th, 2009 5:15 PM |
Politicians and bankers work the stage while the media maitre’d pretends to care how you really feel. Ultimately, the curtain goes down, the lights go on and you’re stuck with a bill that leaves you aghast.
Welcome to the Brave New World of the Uncle Sam economy 2009.
Today Bloomberg releases news that Delinquencies on U.S. Home-Equity Loans Reach Record:
The ABA is not exactly timely with this news in regard to home equity lines of credit; Sense on Cents shared similar color on May 20th in “Bank Stress Tests: Vigorous or Sham? Let’s Review HELOC Losses”:
This brings us to the topic of losses within the banking system and the integrity of the Bank Stress Tests. The Wall Street banks were more than happy to “put on a show” with Secretary Geithner leading the orchestra and the FASB in a supporting role given their relaxation of the mark-to-market. Now we get to revisit the fact that banks are still sitting on hundreds of billions in embedded losses. (more…)
Tags: ABA report on loan delinquencies, American Bankers Association report on loan delinquencies, assumed HELOC losses in Bank Stress Tests, Bank Stress Tests Major Sham, banks need $300 billion, banks will lose more money, Brave New World of Uncle Sam Economy, charade on Wall Street and Washington, Delinquencies on U.S. Home Equity Loans Reach Record, Deutsche Bank report on bank losses, FASB relaxation of mark to market, FDIC comment on Bank Stress Tests, HELOC losses, how much more money do banks need, Kevin Doyle of 12th Street Capital, managed earnings for banks, normalized profits for banks, politicians and bankers are showmen, relationship Wall Street and Washington, U.S. Lenders May Have to Raise $300 Billion, Wall Street Washington show, what are normalized profits
Posted in Bank Stress Test, Banking Institutions, Economy, General, markets, Wall Street, Washington D.C. | 3 Comments »