Enemy Of The Economy

Elizabeth Warren has never held a private sector job, never worked in the financial industry, and she hates banks, with a passion. So, what’s Obama’s brilliant idea? Let’s put her in charge of the new Bureau of Consumer Financial Protection bureaucracy! There’s only one problem, that position requires Senate confirmation and Warren is so toxic that even top Democrats know that there’s no way she would ever be confirmed. So, does that stop Obama, have Constitutional requirements ever stopped Obama? Hell no! Obama just ignored the Senate confirmation requirement and appointed her as his newest “czarina”.

Obama names Warren to new post

President Obama on Friday formally tapped Harvard Law Prof. Elizabeth Warren as a “special adviser” tasked with setting up a new consumer watchdog agency, sidestepping a thorny Senate confirmation battle and drawing the ire of Republicans.

Ms. Warren, who had been serving as head of the investigative board that oversees the $700 billion Wall Street bailout, is a hero to many progressives but is viewed coolly by financial firms turned off by her harsh rhetoric surrounding their role in the recession.

That’s likely one of the reasons Mr. Obama opted not to name Ms. Warren director of the Consumer Financial Protection Bureau as that position would require Senate confirmation — something that even Democrats, including Sen. Banking Committee Chairman Christopher Dodd, have said may not be possible. Instead, she will take the lead in establishing the new regulator, serving as a special adviser to Treasury Sec. Timothy Geithner and a special assistant to Mr. Obama.

See also:
Warren takes post; liberals cheer
Hurdles for Warren in Agency Launch
Warren is named bureau adviser
Obama taps Elizabeth Warren to launch Consumer Financial Protection Bureau
Barack Obama taps Elizabeth Warren for consumer watchdog job
What has Wall Street got against Elizabeth Warren?
Obama names consumer advocate Warren to new post
Obama makes it offical: taps Elizabeth Warren as financial consumer czar
Elizabeth Warren
Elizabeth Warren

Oh boy, just what this economy needs, a brand new gigantic government bureaucracy, created by someone with zero private sector experience, that will generate reams of onerous new government regulations. Is it any wonder why the United States has such an unfriendly business climate?

/somewhere in Germany, the Board of Deutsche Bank is smiling

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The Truth Hurts

The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008

26 pages, read the whole thing, signed, sealed, and professionally footnoted.

/just because it was put together by Republican staff members doesn’t mean every damn word of it isn’t true

You Can’t Stop Them, You Can’t Even Hope To Contain Them

The financial markets were spooked again when Democrats started talking about a second stimulus package this week. You know, because the first one is working so well and, apparently, we’re not in enough debt already.

US must be open to second economic stimulus-Hoyer

U.S. House of Representatives Majority Leader Steny Hoyer said on Tuesday that leaders need to be open to the possibility of a second stimulus package to further boost the ailing economy.

It was too soon to tell whether the $787 billion package approved in February had been successful, Hoyer told reporters, but “I think we need to be open to whether we need additional action.”

Time is Their Enemy

In an interview on local television in Connecticut, Sen. Chris Dodd (who is one of the key players on health care) said that the stimulus legislation wasn’t working and suggested there may have to be a second stimulus bill.

R.I. senators may favor second stimulus

“We may very well need to do a second stimulus,” Democratic Sen. Sheldon Whitehouse told ABC News on Monday, responding to a question about a Providence Journal story about the stimulus. “It is probably needed.”

In May, Democratic Sen. Jack Reed defended the stimulus after Governor Carcieri, a Republican, questioned the pace of federal spending. Now, Reed, too, is suggesting that the stimulus might not be strong-enough medicine for the ailing economy.

“The only way we’re going to get the economy out of the slump is to get people back to work and to stabilize housing values,” Reed said in an interview with MSNBC. “I don’t think we should rule out a second stimulus package.”

Tyson Says U.S. Should Mull Second Economic Stimulus (Update3)

The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an outside adviser to President Barack Obama.

Obama could mull second stimulus if needed: adviser

President Barack Obama could discuss a second stimulus package to boost the economy if needed, but at the moment no more new money looks necessary, a top White House adviser said on Sunday.

“Much of the stimulus is yet to come, and let’s see how this works before talking about next steps,” senior adviser David Axelrod told NBC Television’s Meet the Press program.

“Let’s see in the fall where we are, but right now we believe what we have done is adequate to the task. If more is needed, we’ll have that discussion.”

Garrett and Obama – the transcript

GARRETT: OK.

Christopher Dodd and Sheldon Whitehouse, back in the States, have both said they’re disappointed, frustrated with the stimulus, are thinking more actively about a second stimulus. How do you respond to Democrats who are frustrated with the pace of the economic package you put forward and they helped you pass?

And how seriously are you looking at a second stimulus, not only to deal with their concerns, but with state budgets across the country in many cases are imploding?

OBAMA: Well, you know, I don’t think that if you look at how this economic tsunami has unfolded that we could have spent money any faster. We had tax cuts, that’s about as fast as you can go, and that — those went out, and are still going out to 95 percent of working families.

You’ve got a lot of money going to states to prevent the firing of teachers and police officers and firefighters. And so you knew that that was going to be the early money and that you’re going to have money that comes out in infrastructure.

And you just can’t push that out that quickly, partly not just because the federal government has to process applications, but also because states and local governments have to gear up to get these projects going.

My sense is that we are going to see those projects hit in the second half of the year. We’re going to see some improvement in the economy. But you’re still going to have high levels of unemployment. And that’s something that I said back in January.

Because this economy took an enormous hit. What we’ve done is, to stop the freefall, the banking sector is not melting down, companies can borrow money again in the corporate bond markets, you know, the stock market has stabilized, and consumer confidence has recovered somewhat.

But the fact of the matter is, is that you had several trillion dollars taken out of the economy, huge amount of de-leveraging, and that is going to take a while to play itself out.

My main concern is to make sure that as the economy recovers, you’re actually starting to see job growth again. And the concern that we’ve got is that the economy has been driven for so long by consumer spending, by debt at every level, if we can’t and shouldn’t return to that kind of debt accumulation, what’s going to drive the economy?

And that’s why issues like reforming our health care system, improving clean energy, and generating jobs around clean energy, improving our education system, and medium- and long-term making sure that our fiscal situation is in order, that’s why those things are so important, so.

GARRETT: Second stimulus, on the table or off the table?

OBAMA: Well, I don’t take anything off the table when…

See also:
Top Obama ally: New stimulus may be needed
Obama adviser: Plan for second stimulus
Hoyer Leaves Open Possibility of Second U.S. Economic Stimulus
Stimulus Gets a Second Wind in Washington
Machinists President Renews Call for Second Stimulus
Polls: Most against second stimulus
Poll: 60 Percent Oppose Another Stimulus Plan
US STOCKS-Wall St hits 10-week low amid talk of new stimulus
US STOCKS-Wall St wilts as new stimulus talk stokes fears

Hey dumbasses, do you really want to turn the economy around in a hurry? CUT SPENDING AND CUT TAXES! It’s not [expletive deleted] rocket science!

/geez, I swear these numbnuts lie awake at night trying to think of new and innovative ways to wage jihad on the U.S. economy

One Step Ahead Of The Gulf Cartel

Discretion is the better part of valor.

Found! Accused Scammer Stanford Turns in Passport in Washington

The billionaire banker accused of scamming $8 billion, R. Allen Stanford, was located by FBI officials today and served with civil papers by the SEC, putting an end to a nationwide search.

Stanford later turned in his passport to federal prosecutors, saying “he would not flee,” according to one of Stanford’s lobbyists, Ben Barnes.

Stanford was located in the Fredericksburg, Virginia area, the FBI said in a statement.

Damn right he turned himself in! As an exposed money launderer for the Gulf Cartel, he is almost surely contracted for death. Who’s scarier, the FBI or the most violent drug gang in Mexico?

See also:
Birds Of A Feather
Stanford Retains Williams & Connolly
Dodd Says He’ll Return Accused Financier’s Contributions
Stanford Burns Latin Americans Seeking Shelter From Currencies
Bank run by Stanford keeps mum while under scrutiny
Venezuela seizes Stanford bank after online run
Big run on Antigua bank; Stanford whereabouts unknown
Barbados Free Press
Williams & Connolly
Federal Bureau of Investigation

/mark my words, as degenerate as Stanford is, someone will stoop low enough make a movie of his life