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No, not Geithner-san

Geithner-aniki!

Let's use the right honorific for the Oyabun, shall we? Read below the fold...

Obama in presser: It's a liquidity problem

geneo's picture

Alabama PACT Board to Seek Help from Legislature

Countrycat has the preliminary report from the Alabama Prepaid Affordable College Tuition board meeting in Montgomery today. A large crowd of PACT contract holders attended the meeting.

The board unanimously rejected dissolving the program. The plan is to keep the program with modifications.

“These include: close enrollment (no new contracts until current contract holders are secure); take $1.3 million from a state scholarship fund to help secure PACT (I’ll have to look up the details on this); and ask for legislative assistance with funding.”

Lt. Governor Jim Folsom Jr. stated unequivocally that PACT is going to survive, and that the legislature will fix the problem. Read below the fold...

Caro's picture

Politics and Media Headlines 3/24/09

I present the first bumper sticker (by Joseph Cannon at Cannonfire))

Uprising on Main Street (by Gary Kamiya, Salon)
Today's populist rage could regenerate America -- if Obama handles it right.
And this is the damn shame, the sad waste of the Obama administration. He started with the good will to really make some fundamental changes in how our country does business, and he’s squandering more and more of it every day.—Caro Read below the fold...

Obama administration: Fines of $750K to $150K per downloaded song warranted

I don't illegally download --that I know of, and I assume I would know if I did-- but, still, this seems like ridiculous overkill.

Susie Madrak posts about this, and I love her parenthetical comment:

Since the Founding Fathers called for a ten-year limit on copyrights, I’m taking this position, not the one being pushed by Obama. (I wait with bated breath for a similiar fine on copying book pages on a copy machine):

The Obama administration for the first time is weighing in on a Recording Industry Association of America file sharing lawsuit and is supporting hefty awards of as much as $150,000 per purloined music track.

Read below the fold...

He'll have to read us, first!

P.O.S. Politico:

Obama himself plans to meet soon with liberal bloggers, according to an administration official.

Nothing in 2009, nothing in 2008.... Obama's going to have to catch up on his reading!

One question though:

Would Obama read any blogs that say Fuck? Read below the fold...

Health insurance companies getting desperate?

AP:

Insurers offer to stop charging sick people more
For the first time, the health insurance industry is offering to curb its controversial practice of charging higher premiums to sick people.

Insurers are trying to head off creation of a government insurance plan that would compete with them.

What next? Not denying coverage to people who've already paid for it? Read below the fold...

Geithner: Treasury to seek new powers to regulate and "manage" big financial institutions

CNN reports that Geithner will ask for new powers for Treasury. MSNBC had reported Geithner said at House hearing that he wanted Treasury to have powers for receivorship, now only with FDIC, but to used only for Big Banksters and other big financial system companies. Developing.... Now, with 3 updates!

From the CNN article:

Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials.

Snip

Read below the fold...

Stiglitz, who served in the Clinton administration, minces no words: We're being robbed

In an interview, Stiglitz said about the Obama-Geithner plan to aid Big Banks that it offered "perverse incentives." Hhmmm, "perverse." Ya think?

The U.S. government is basically using the taxpayer to guarantee against downside risk on the value of these assets, while giving the upside, or potential profits, to private investors, he said.

"Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." (My emphasis)

Not mincing words. Not often asked to appear on MCM interviews*. Go figure. Read below the fold...

Mandos's picture

One administration official sighs in the presence of Ezra Klein

Departments: 

Ezra Klein has been talking to anonymous administration officials. And they explain why they don't want to nationalize the banks. I link, you decide.

Read below the fold...
geneo's picture

Will the Alabama PACT Board do the Right Thing?

I just posted best wishes to everyone who is going to Montgomery this morning for the Alabama Prepaid Affordable College Tuition board meeting. I am grateful for the assistance and support we have received from the community here as we've struggled to deal with the many issues surrounding this fiasco.

Many opinions have been offered on it. I agree with those who have argued:

PACT participants are contract holders, and the only acceptable outcome is for those contracts to be honored.

I hope someone will be able to get a first-hand account, photos, or videos from the meeting. I will post an update here as soon as I have one. Read below the fold...

White House Health Reform Traveling Circus: Des Moines, Iowa edition

I've only watched the first 15 or 20 minutes, so I don't have much to say beyond finally, somebody has admitted out loud that the Health Reform phrasing, instead of health care reform, is deliberate. I swear, if I hear We don't have health care in this country, we have sick care one more time, I'm going to barf. Read below the fold...

White House Health Reform Traveling Circus: Burlinton, Vermont edition

The video, about 2 hours long, can be seen here.

If I figure out how to embed it, I'll come back and do that later. Read below the fold...

Will Dr. Orwell please pick up the white courtesy phone?

Even Josh gets it:

[I]n a WSJ op-ed today, Geithner looks to rebrand "toxic assets" as "legacy securities" (bad mortgages are dubbed "legacy loans").

[pounds head on desk]

Nice talking point. Axelrod's? Read below the fold...

They hate Krugman because he keeps being right

No greater sin, if all you care about is who wears what jersey. Nancy Kruh of the Dallas Morning News on "Why I'm not taking a bath in the market":

The only economic expert I follow religiously is New York Times columnist Paul Krugman, and he is the sole reason I did something back in March 2008 that millions of people now wish they had done. I yanked every last penny I had invested out of the stock market.

Read below the fold...

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