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Holding Pattern
Author: Raine    Date: 11/24/2008 13:31:54

While we are all waiting for that day in January, it is sometimes easy to forget that we still have a president *ush. While some are practically pleading for him to do nothing until January, I find myself in the peculiar position of thinking that this is not really a good idea, especially when you take a look at who is actually running things right now.

Hey wait a minute... who IS in charge right now? CitiBank is in major rescue talks with the White House, and yet, yesterday spokeperson, Dana Perino said they were not aware of any talks. She said this aboard Air Force One, while traveling with the current pResident. Interesting considering some papers are reporting this plan has already been approved. Here is just a taste of it:
Under the agreement, Citigroup and regulators will back up to $306 billion of largely residential and commercial real estate loans and certain other assets, which will remain on the bank's balance sheet. Citigroup will shoulder losses on the first $29 billion of that portfolio.

Any remaining losses will be split between Citigroup and the government, with the bank absorbing 10 percent and the government absorbing 90 percent. The Treasury Department will use its bailout fund to assume up to $5 billion of losses. If necessary, the Federal Deposit Insurance Corp. will bear the next $10 billion of losses. Beyond that, the Federal Reserve will guarantee any additional losses.

In exchange, Citigroup will issue $7 billion of preferred stock to government regulators. In addition, the government is buying $20 billion of preferred stock in Citigroup. The preferred shares will pay an 8 percent dividend and will slightly erode the value of shares held by investors.
The Financial Times is calling this a 'Bad Bank' Plan
The “good bank-bad bank” structure being discussed by Citi and US regulators resembles the October plan under which UBS said it would shift up to $60bn of illiquid securities to a fund owned by the Swiss National Bank, said a major Citigroup shareholder who was briefed on the plan by someone with direct knowledge of it.

However, significant obstacles remain before the plan to revive Citi can be put into effect, people familiar with the matter said. “How do they justify doing it with Citi and not for the others?” asks one. “If they guarantee everything only at Citi, they would be putting Citi’s competitors at a huge competitive disadvantage.”

Another potential stumbling block could be the resources of the government’s Troubled Asset Relief Program (Tarp). Helping Citi would substantially reduce the money available to help other banks.
Please Note the mention of the bank UBS. UBS was also a client of famous lobbyist... Phil Gramm-- I digress. I am left here seriously wondering who the hell is in charge and what the hell is going on. *ush was off at the Apac Summit in Peru, touting how wonderful his economic plan when the crap is coming down heavy and hard back here at home.
Offering no hint of remorse for the lack of regulation of Wall Street and the US sub-prime mortgage market that was a root cause of the worldwide turmoil, he said: "It is also essential that governments resist the temptation to overcorrect by imposing regulations that would stifle innovation and strangle growth.

"One of the enduring lessons of the Great Depression is that global protectionism is a path to global economic ruin." [...]

"Expanding trade and investment has been one of the highest priorities of my administration," he said. "When I took office, America had free trade agreements in force with only three nations. Today, we have agreements in force with 14."
Right now all I am asking for is until January, that he be actively engaged and accountable for what he and his Neo-conservative ideologues have wrought on our nation. Is that too much to ask? I think it is, considering some people don't seem to realize that *ush has all but checked out of the White House. This weekend Joe Lieberman espoused some of his magical knowledge and intellect.
But some members of Congress said Sunday that even that might not be soon enough — Senator Joseph Lieberman, independent of Connecticut, said that President George W. Bush and Obama should work together now to put a stimulus package in place by early next year. Otherwise, he said, the Obama approach would probably take until the second quarter of next year, "and that's too long."
How can they work together when the current HEAD of the administration has no idea what is going on right in front of his eyes? HE shows no interest on working on anything at all.

I should not be shocked. George W. Bush has NEVER taken a position without totally destroying any of the successes it may have had in the past or the future. What makes me so angry is that THIS time, THIS time it is a COUNTRY. Not an oil company, not a baseball team... it the United States of America, and he has totally checked out.

It's going to be a long winter spent in a holding pattern until competent people take over to try to land this chaotic flight of fancy the *ush administration and the Neo-cons have taken us on. I don't envy them. The task is huge.

At least know they will have to go the distance, instead of skipping out totally right before the end of it all. That called maturity and responsibility... Maybe in the end, it was a good thing *ush went awol instead of becoming a pilot, huh?

:peace: and
Raine

 

217 comments (Latest Comment: 11/25/2008 03:01:18 by Random)
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Comment by BobR on 11/24/2008 13:44:33
Morning folks... :coffee:

Comment by BobR on 11/24/2008 13:46:05
Comment by TriSec on 11/24/2008 13:53:10
Morning, folks!



Ow!



TriSec slashed his own face. (shaving accident, and a gusher at that.)



:kickcan:





Comment by Scoopster on 11/24/2008 13:56:30
:coffee: Ahh sweet nectar of life, wash away my weekend migraine!



Morning Raine! So this Facecrack thing is starting to get to me.. I got an email out of the blue from this girl that lived across the street from me growin' up that I had a bit of a grade school crush on.. she moved away just about the time we started high school and haven't heard anything from 'em since. Crazy!!



And her first question after I contact her is "How's your brother." :rolleyes:

Comment by Raine on 11/24/2008 13:59:06
Health Insurance Providers say they will cover everyone...



It's seems a LOT vague on details, and I don't really trust this --- Are they trying to circumvent and Obama Health care proposal?



It seems that way.

Comment by Raine on 11/24/2008 14:00:23
Quote by Scoopster:

:coffee: Ahh sweet nectar of life, wash away my weekend migraine!



Morning Raine! So this Facecrack thing is starting to get to me.. I got an email out of the blue from this girl that lived across the street from me growin' up that I had a bit of a grade school crush on.. she moved away just about the time we started high school and haven't heard anything from 'em since. Crazy!!



And her first question after I contact her is "How's your brother." :rolleyes:


Oh dear!



Yeah. the FC is quite addicting.









Comment by Scoopster on 11/24/2008 14:03:59
..how's your brother..



This is what happens since I get the brains and he got the looks.

Comment by TriSec on 11/24/2008 14:07:32
*snort*



Facecrack....I have connected with several scattered cousins around the US..got my info entered on a family tree that someone is working on, and discovered that I have a relative buried in Arlington. (and will try to visit when we head down in January).



Go figure.





Comment by TriSec on 11/24/2008 14:11:01
Quote by Raine:

Health Insurance Providers say they will cover everyone...



It's seems a LOT vague on details, and I don't really trust this --- Are they trying to circumvent and Obama Health care proposal?



It seems that way.






Seems iffy. Health Plans control who they cover through the notorious "pre-existing condition" loophole. It does have a byline of Boston, where everyone is forced to be covered through expensive, high-deductible, high-copay plans or they get a tax penalty. The plans might not lose money, but hospitals and other health-care providers are, primarily because the legislation did away with the free-care pool. In this state, you can't be turned away from an ER if you don't have insurance, but now instead of the state giving back Medicaid rates, the hospitals get nothing.





Comment by Raine on 11/24/2008 14:17:19
Quote by Scoopster:

..how's your brother..



This is what happens since I get the brains and he got the looks.




I like brains...



(that didn't sound as good written as it did in my head.)



Comment by Scoopster on 11/24/2008 14:21:30
Get the Flash Player to see this player.




Hope this embeds right.. Apparently Norm Coleman's contesting ANY AND EVERY ballot that has votes clearly marked McCain for president but Franken for senate.



What a bunch of scumbags.



Edit: guess it didn't work.. here's the link

Comment by m-hadley on 11/24/2008 14:23:25




Thanks for noticing my most recent post, BobR :D

Great minds and all that.... Love to you, Raine, Kizzie, and the kitties :hug:

Cheers,

mfaye



Comment by Raine on 11/24/2008 14:30:13
Quote by m-hadley:





Thanks for noticing my most recent post, BobR :D

Great minds and all that.... Love to you, Raine, Kizzie, and the kitties :hug:

Cheers,

mfaye

It was great, btw... Glad to read that at least congress is ready to TRY to do something about it.



Comment by TriSec on 11/24/2008 14:51:21
Ah yes, pie.



I'm going to buy some fixins tonight....gonna make a real Alabama spice pie and probably a custard this year. (Neither of which Javi will eat...maybe I'll make the French chocolate silk pie instead...)



My mother, bless her heart, is making sweet potato pie. Apparently we're expecting PE Obama to drop in...





Comment by Raine on 11/24/2008 14:55:14
I like Pie.







Comment by BobR on 11/24/2008 15:09:52
Quote by TriSec:

Ah yes, pie.



I'm going to buy some fixins tonight....gonna make a real Alabama spice pie and probably a custard this year. (Neither of which Javi will eat...maybe I'll make the French chocolate silk pie instead...)



My mother, bless her heart, is making sweet potato pie. Apparently we're expecting PE Obama to drop in...





*checks road atlas*

yup - we can be there by Thursday!





Comment by Will in Chicago on 11/24/2008 15:10:15
Good morning, bloggers!! Excellent post, Raine!! I hope that everyone is doing well.



No subbing today, but I do have my third interview for a teaching job tomorrow (different schools.).



Paul Krugman linked to a good compilation of views on the Citigroup Bailout. By the way Boehner, the leaky Congressman, wants the elimination of the capital gains tax. I will give the Leaky One credit for being consistent. It may be his sole virtue.



Here are the UNN Daily Headlines.

Comment by Random on 11/24/2008 15:10:40
Has anyone visited Jim Ward's site?

Comment by Raine on 11/24/2008 15:10:52
I have been thinking about this brehaha over the possible picks by Obama regarding the economy.



There are many things to be stated about this, but it keeps coming back to me that especially in the beginning of his administration, would PE Obama want to put people in who understand the reasons why we got here? In other words, that would mean people who have SEEN it happen. That does not mean they are going to continue those policies, I think it means they have the knowhow how to slowly change the policies back to things with more regulation and oversite. I don't think you can just walk in and turn around 180 degrees economically in a crisis as huge as this. if we thought the markets were chaotic now, imagine stopping EVERYTHING and turning it in the other direction.



Many of these people were in the clinton administration, I understand, but who else is left? All the people from Raygun and Bushies... Those that were in the Carter admin are probably too old at this point.



The point is, Barack wants to change the economic direction of this country, and with the mess that we have know, it seems as tho you want people who understand it right now. I don't think for one minute these people are going to stay the course, and I also believe these people have had enough distance to see what was good and what could have been better from the Clinton administration. The Clinton Doctrine is NOT the Obama doctrine.



Just a thought.

Comment by BobR on 11/24/2008 15:12:26
oh fer shitssake...



not the retarded barkpark-sheboygen-guyLeFleur drop....



:rolleyes2:





Comment by BobR on 11/24/2008 15:13:27
Quote by Random:

Has anyone visited Jim Ward's site?


no.

Comment by BobR on 11/24/2008 15:14:27
Quote by TriSec:

Ah yes, pie.



I'm going to buy some fixins tonight....gonna make a real Alabama spice pie and probably a custard this year. (Neither of which Javi will eat...maybe I'll make the French chocolate silk pie instead...)



My mother, bless her heart, is making sweet potato pie. Apparently we're expecting PE Obama to drop in...





btw - what is Alabama spice pie? I did a search for that one, and came up empty...





Comment by Random on 11/24/2008 15:16:22
Quote by BobR:

Quote by Random:

Has anyone visited Jim Ward's site?


no.


...You should. the intro is funny.

Brokaw...choking on his tongue.

Comment by TriSec on 11/24/2008 15:16:43
: lifts steaming mug of Lady Grey, nods southwesterly :



Top o' the mornin' to ye, Ms. Raine!



:bow:





Comment by TriSec on 11/24/2008 15:22:05
Quote by BobR:

oh fer shitssake...



not the retarded barkpark-sheboygen-guyLeFleur drop....



:rolleyes2:







heehee. Good, you'll have something in common with my lovely bride...



Javi, OTOH, can't get enough of it! (He's now 7, entering Momma's target age.)





Comment by velveeta jones on 11/24/2008 15:23:41
Good post Raine, and good morning everyone!



Regarding Citicorp.... one of the things the "news" is saying is that this bailout is needed because the banking industry is so big. Well, they got so fucking big from all this deregulation. And frankly, do we really need a handful of big banks instead of lots of smaller ones? Seems like we did fine with the many small ones..... just sayin'





Comment by livingonli on 11/24/2008 15:24:26
Bon Matin mes amis.



I have to get my landlady to kick up some heat. It's in the mid-40's right now but my bedroom is still nippy. I don't like having to wear gloves while I sleep.

Comment by BobR on 11/24/2008 15:29:58
Quote by velveeta jones:

Good post Raine, and good morning everyone!



Regarding Citicorp.... one of the things the "news" is saying is that this bailout is needed because the banking industry is so big. Well, they got so fucking big from all this deregulation. And frankly, do we really need a handful of big banks instead of lots of smaller ones? Seems like we did fine with the many small ones..... just sayin'





while that may be true, it's not so easy putting the toothpaste back in the tube...

Comment by wickedpam on 11/24/2008 15:30:39
Morning!



Sorry for the late arrival - had a dentist appointment to take care of first then on to the fun :D

Comment by Raine on 11/24/2008 15:31:31
IT seemed to me that when we had smaller, community based banks, people were actually better off.



I mean seriously, I can actually remember the days when it was a good thing to know your neighbors... it could help if you needed a loan for say a car or things like that.

Comment by wickedpam on 11/24/2008 15:36:53
Al sounds all giggly :p

Comment by TriSec on 11/24/2008 15:37:35
TriSec still uses a local bank...



And go figure, the manager of my local branch had a son in the Pack a few seasons ago...





Comment by livingonli on 11/24/2008 15:42:25
Good morning Mala. How was your weekend?

Comment by Mondobubba on 11/24/2008 15:42:38
Morning all.





Scoop! Trueblood! Finale! Discuss!

Comment by Mondobubba on 11/24/2008 15:46:08
Quote by Raine:

IT seemed to me that when we had smaller, community based banks, people were actually better off.



I mean seriously, I can actually remember the days when it was a good thing to know your neighbors... it could help if you needed a loan for say a car or things like that.




Like S&Ls? :whistful: I remember when there were nothing but local banks because interstate banking was a thing of the past done in by the Great Depression.



Credit Unions, people credit unions. Non-profit, local.

Comment by wickedpam on 11/24/2008 15:47:36
Quote by livingonli:

Good morning Mala. How was your weekend?




Not too bad - got the outside of the house decorated and gonna work on the inside this week. Want it all decorated by the end of this coming weekend. Other then that it was fine



Comment by TriSec on 11/24/2008 15:53:55




The story from the Sydney Herald is rather enlightening....



Penis Sauce (no photo, story is work safe! )

Comment by BobR on 11/24/2008 15:55:04
Quote by Mondobubba:

Morning all.





Scoop! Trueblood! Finale! Discuss!


I'm still several episodes behind, so please use the "Spoiler Alert!" emoticon!

Comment by wickedpam on 11/24/2008 15:56:11
mah = feh

Comment by livingonli on 11/24/2008 15:56:19
Meh.

Comment by BobR on 11/24/2008 15:57:24
Quote by BobR:



btw - what is Alabama spice pie? I did a search for that one, and came up empty...





TiSec.... a reminder.... :whistling:

Comment by Raine on 11/24/2008 15:57:27
I think HRC has a money problem...
Sen. Hillary Rodham Clinton's team has told the Federal Election Commission that she continued her campaign even after endorsing Democratic presidential rival Barack Obama on June 7, a claim that lets her transfer millions of dollars from her presidential bid to her Senate campaign.



The former first lady made the $6.4 million transfer from her White House campaign, which remains more than $7 million in debt, to Friends of Hillary on Aug. 28. That date would fall outside the legal deadline for making such a move if her campaign were to have ended June 7.



Her campaign treasurer told federal regulators that Mrs. Clinton spent more than a quarter-million dollars engaging in "vigorous political activity" throughout June, according to newly released FEC filings.



"The committee continued to actively contest for delegates at the state and local delegate-selection events during the month of June," campaign treasurer Shelly Moskwa wrote in a letter to the FEC dated Nov. 20. "Nothing in Senator Clinton's remarks indicated that she was withdrawing from the race.



"While she indicated that she was suspending her campaign, the term 'suspension' has no legal meaning," Ms. Moskwa wrote.



Precisely when Mrs. Clinton, who is expected to be Mr. Obama's secretary of state nominee, dropped out of the Democratic presidential primaries is emerging as an important legal question for FEC regulators examining the transfer of funds. Such transfers are legal if donors give their permission, and the Clinton campaign has said donors indeed authorized the move.



Still, such transfers also must take place within 60 days of when a candidate withdraws from the race, according to FEC rules. The Aug. 28 transfer date fell more than 80 days after...




Something seems very fishy with this, and I am wondering if this is going to hurt her chances of being SoS. Why would she transfer millions to her Senate campaign when she still owed the vendors and the campaign itself all that money?







Comment by m-hadley on 11/24/2008 15:58:10
Quote by Raine:

Quote by m-hadley:





Thanks for noticing my most recent post, BobR :D

Great minds and all that.... Love to you, Raine, Kizzie, and the kitties :hug:

Cheers,

mfaye

It was great, btw... Glad to read that at least congress is ready to TRY to do something about it.







BTB, Raine,

Did you ever get the PM I sent you via the Gmail? Please let me know. I really want to do my part - so just want to know what "my part" may involve...

Cheers,

mfaye :dance:

Comment by Mondobubba on 11/24/2008 15:59:05
Quote by BobR:

Quote by Mondobubba:

Morning all.





Scoop! Trueblood! Finale! Discuss!


I'm still several episodes behind, so please use the "Spoiler Alert!" emoticon!






Bobber when Scoop gets around to responding I will suggest a move to PM.

Comment by Scoopster on 11/24/2008 15:59:07
Quote by Mondobubba:

Morning all.





Scoop! Trueblood! Finale! Discuss!


:spoiler:





























So yeah.. what's with the tweakin' lady and what's her deal with Sam?

Comment by TriSec on 11/24/2008 16:01:31
Oh, right.



"Spice Pie" is a family recipe from my stepmother's family (originally from Clanton, Alabama).



"The squash just holds the spices together" as Veera used to say. (aged matriach, now deceased.)



I haven't made it in a long time; Mrs. TriSec won't eat it. It's actually not a sweet pie.



There's not a lot of recipes out there, but here's an idea...





Comment by Mondobubba on 11/24/2008 16:02:19
Quote by TriSec:





The story from the Sydney Herald is rather enlightening....



Penis Sauce (no photo, story is work safe! )




Best sentence in the article: "A search of his car uncovered pornography, a home-made sex aid, women's stockings and a Jack Russell terrier." :rofl:

Comment by Mondobubba on 11/24/2008 16:06:30
Quote by Scoopster:

Quote by Mondobubba:

Morning all.





Scoop! Trueblood! Finale! Discuss!


:spoiler:





























So yeah.. what's with the tweakin' lady and what's her deal with Sam?






:spoiler:



























Ya mean the lovely Michelle Forbes? She seems to be shifter too. How did Sam get all that money in his safe. Poor Bill has a problem child now!

Comment by livingonli on 11/24/2008 16:07:27
Quote by Mondobubba:

Quote by TriSec:





The story from the Sydney Herald is rather enlightening....



Penis Sauce (no photo, story is work safe! )




Best sentence in the article: "A search of his car uncovered pornography, a home-made sex aid, women's stockings and a Jack Russell terrier." :rofl:


Now that's a winning combination.