Archive » Subprime crisis

There was a big dog-and-pony show earlier today led by Tiny Tim Geithner, who announced bold new initiatives to crack down on mortgage scammers and shut down irresponsible lenders cooking the books.
Speaking of mortgage scammers who cooked the books, when will they shut down Fannie and Freddie and go after their enablers in Congress?
Oh, [...]

If it’s Monday…

“My man.”

Uh. Hello?

Prescription for pain.

Scroll for updates…

Photoshop credit: George of Elegant Memories

The Obama administration is swaggering over its firing of GM CEO Richard Wagoner and its demand for more restructuring concessions from GM and Chrysler before they dole out more money.
But the bottom line is, despite their threats to withhold the funds, the feds will eventually give them the [...]

$%^&*!!

Swallowing the Crap Sandwich.

Now what?
Last week, the Obama administration brought us a $1 trillion Federal Reserve magic trick hatched by the David Copperfield School of Economic Recovery — printing up a trillion bucks and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government.
Today, hapless, truth-challenged tax cheat Treasury Secretary Tim [...]

More after-the-fact Kaubki outrage from members of Congress who stampeded over each other to fork out massive bailout funds: Turns out that 13 firms who accepted bailout money owe $220 million in back taxes.
Future Obama nominees!
Thirteen of the companies receiving billions in federal bailout money owe a total of more than $220 million in delinquent [...]

Presto change-o!

Ed Morrissey: If AIG’s retention bonuses are a problem, why aren’t Freddie Mac’s?
Barney Frank was unavailable for comment…

Calling bull.

Kabuki Theater of Outrage.

Rx.

The Kabuki Theater of Outrage.

It was a beclowning. A cable castration. Sacrificial slaughter. Sadomasochist programming. But more than anything else, the Jon Stewart/Jim Cramer show was an object lesson. An object lesson in how the one thing the media/infotainment world loves to cover most is itself, itself, itself.
Here is a screenshot of the top half of Memeorandum, the [...]

Cronyism of color.

The WSJ shines light on bank haranguer Maxine Waters’ conflict of interest.
I’ll have much more to say about this in my syndicated column tomorrow.
***
Flashback: The party of Maxine Waters

She’s still jobless and husband-less with 14 kids. On welfare. Splurging on video games. Moving out of a home owned by her mom, who’s $20,000 behind on mortgage payments.
And moving in to a half-million-dollar southern California home arranged for by dad and reportedly paid for with the cash she’s been raking in from her Octo-mom [...]

Chains you can believe in.

Hans Bader at OpenMarket.org looks at the Obama housing bailout and finds that it is even worse than it looks at first glance:
Yesterday, I wrote about how high-income people with $700,000 homes, who are in no danger of becoming homeless, would benefit from the Obama Administration’s massive taxpayer-financed mortgage-bailout plan, and how it would harm [...]

Sorry, I have no tears for you, Chadi Moussa. You wanna pay my rent? How about some cheese with your whine?
Sob story fit to print in the NYT:
Chadi Moussa lives in a house valued at more than $1 million in Dublin, Calif., in the desirable East Bay area. Unfortunately, he owes nearly twice that much [...]

The letter of the day today comes from reader V. It will bring tears to your eyes and give you real hope. God bless you, V.:
I worked for a large bank for 10 years. The bank grew dramatically over the decade, and I put a large amount of my income into my 401(k) through the [...]

GOP leader John Boehner wonders if the Blue Dog Democrats, who’ve been making fledgling noises about reckless spending in Washington, will yield on the unscrupulous borrower Chris Dodd-backed bill to empower bankruptcy judges to meddle in private loan contracts (noted here yesterday).
Of course they will:
“Taxpayer tea parties” have been occurring across America in recent weeks [...]

I wish.

Duh.

Bryan Wills e-mails:

I’m not sure if you are an iPhone-person or not, but knowing you share my disdain for the bailouts I thought you would appreciate this:
I am an iPhone developer and I created a free app called “The Bail-O-Matic: Responsibility Remover”. It is essentially a giant red button that says “BAIL ME OUT” on [...]

Splash.

Screw up, move up. It’s how Obama cabinet officials get ahead. And it’s how Washington’s favored failing businesses get more of your money. The first $85 billion bailout under Bush didn’t work. The second $38 billion under Bush didn’t work. So, hey, how about tossing another $30 billion down the hole?
So much for [...]