The White House is currently looking at how to inch its way out of backing mortgages… this time by tacking fees onto lender activities, according to the Wall Street Journal. Despite the call for new charges the government guarantees — and resulting moral hazard — remain, and the latest strategy twist isn’t likely to change [...]
The White House-appointed deficit commission is capable of providing the Obama administration with the cover it needs to make difficult policy decisions that will improve the long-term fiscal health of the nation. Yet, despite a massive deficit the commission won’t be making any recommendations until December, well after the midterm elections. Perhaps it didn’t work [...]
When the wealthiest citizens can design tax shelters, Swiss and otherwise, and the poorest can either pay no taxes or receive refunds, the burden of generating US tax revenue falls squarely on the shoulders of the middle class. That same middle class essentially made up of those hardest hit by today’s correcting economy. Robin Hood, [...]
Faced with crisis, the White House and Congress turned to fiscal stimulus that’s not only itself unsustainable, but that’s also unable to provide a firm foundation for lasting recovery. Sooner or later, the US will have to pay the piper in the form of reduced government services, some more needed than others, and substantially higher [...]
Like a rat on its exercise wheel, the White House keeps on spinning though new spending program ideas without ever determining a finish line. Basically, how to pay for them. If the Obama administration decides to step off the spending wheel too late it’s likely to end up with a no-win situation similar to the [...]
Geez, what have things come to where I side with Congress?… Source
This past Friday the Obama administration announced greatly expanded government assistance — this time it’s to again to provide for lowered mortgages and refinancing — for homeowners who probably never should have owned homes in the first place. Multiple rebate and other tax-break programs for first-time home buyers have run dry, yet home prices have begun to plummet again, [...]
For weeks, the question has lingered: Now that the Fed is following through on its promise to stop buying up shaky mortgage-backed securities, what will the powers that be do to prop up the housing market next? This morning, we have our answer, direct from the White House. And rest assured, you’re on the hook [...]
The White House says that San Francisco Fed president Janet Yellen is President Obama’s leading candidate for vice chairman of the Fed—the number two spot after Fed Chairman Bernanke… Source
The Dow rose about 40 points yesterday. Gold fell a few bucks. The dollar spent the day treading water. Nothing much to report there… But what’s this? It appears that a $787 billion stimulus package ain’t what it used to be, at least according to the Congressional Budget Office. The government’s spending watchdog (yes, such [...]
Cramer explains how you can position your portfolio to avoid political uncertainty from the White House. Original Source >>>
Cramer explains how you can position your portfolio to avoid political uncertainty from the White House. Original Source >>>
Yesterday, the non-dollar currencies looked like they were ready to break out of their funk against the dollar, led by the high yielders of Australia, and especially New Zealand… But, that flamed out as the day went on, as the data for the US was mixed, and did not give anyone a warm and fuzzy [...]
We saw it coming and got it wrong at the same time. But at this price, it’s hard to complain… $1,092 an ounce this morning, another record high for gold. Back in September, the IMF announced it was selling a boatload of its gold reserves in order to finance its global interventions. We thought China [...]
