politics

Arianna & NYT Sing The Same Tune on Obama

Arianna Huffington must be getting some mileage out of her compulsive repetition of her same old rant on the economy. But she might take umbrage at being linked to the NYTimes. Maybe not. Who cares?

Ms. Huff and the Andy Rosenthal Show both wax critical about the recovery and when there are some positive indications, they repeat: Things may improve but only if the REFORMS that Treasury and White House have promised are enacted.

DUH.

Do they not know that Obama is a man of his word? Maybe they do, but that assumption would rob them of reams of irrelevant and tendentious prose and a license to lazy perceotion, proved out in the NYT’s case by the ARS’s slavish deference to Maureen Dowd.. And in Huff’s case by a general willingness to suppress or minimize issues that have as much importance as the economy.

In a word, the reforms will come. No one in the WH believes the crisis is over. And both of these progressive bastions have beccome more predictable and boring as time passes. It is they that need a swift recovery.

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politics

Is Ousting Bank Heads Next?

President Obama is trying to dismantle faux capitalism and restore something like the inventive society that folk like Thorstein Veblen wanted to see, a society of productive, engineer-respecting non-conspicuous consumers. Remember that. These are not takeovers. They are makeovers. Huzzah!

That’s the news behind Hard Line on Auto Aid Puts Bailed-Out Firms on Notice

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politics

A Wave Of Homelessness in Sacramento

SOURCE

It’s getting grim. And those nights are cold. Let’s work to turn this around ASAP.

More than a year ago, a handful of homeless people staked out the site on the northern edge of downtown Sacramento. Now there are more than 100 tents and anywhere between 300 to 400 people living without running water or sanitation. Their only protection from the elements is nylon tents and plastic tarps.

A single mid-day meal is available at a nearby faith-based charity called Loaves and Fishes. That’s where social worker Jim Peth says he’s seeing a lot of the newly homeless.

“That’s been very recent,” Peth says. “And you can tell because they’re much better dressed. They’re disoriented; they don’t know where to go. So they’re easy to spot.”

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politics

What The Stress Tests May Show

I think stress tests on the banks are going to be a continuing saga of gloom that will further sour the public on high salaries for incompetent management. This from Obsidian Wings is conclusive, even if it is extreme. FULL SOURCE

Hilzoy writes:

I have been hearing for years and years about how the financial services sector pays such exorbitant wages because the people who work there are so immensely talented that they are cheap at $50 million a year. I never particularly bought that line before. But I never imagined that all those Masters of the Universe would do quite this badly. If we had paid them $50 million a year to go far, far away and leave our financial system alone, it would have been a bargain.

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politics

Hopeful Take on Foreclosure Plan

READ IT HERE

Bair says, getting these loans restructured is the best thing to do for the collective economic interest.

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High Bar from The White House Blog

Setting the bar high

It will be an enormous undertaking to ensure that the transparency and accountability that the President expects for Recovery.gov will be upheld. Peter Orszag, the Director of the Office of Management and Budget (OMB), has sent a memo to the heads of federal departments and agencies explaining what’s expected of them and offering advice for how to meet those high standards.

And here is material on the mortgage initiative:

9 million +

“In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to continue to deepen,” President Obama said today in Phoenix, AZ, announcing the Homeowner Affordability and Stability Plan. “But if we act boldly and swiftly to arrest this downward spiral, every American will benefit.”

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What? Nationalize Everything?

OK, so Greenspan is now saying nationalize the banks? If so, what else? Amazing. Hmm. Follow Once. Follow Twice. What is Third? Who’s on first? Are you confused? Join the club.


GREENSPAN FINANCIAL TIMES READ

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