Hot Dang! Jamie Gorelick for Atty General

Outstanding choice. I mean it. This is wonderful news.

Please, oh please fellow bloggers in the Right-o-sphere, go easy on this.

Hear me out.

Preznit Obama can choose whomever he wants in his Cabinet.

Hold your fire until the confirmation hearings, then embarrass the heck out of Goreleck, Obama, and the whole sordid crowd.

Sharpen your rhetoric. Play the game. And this time, play to win.

Here is an outline of Jamie’s questionables:

gorelickCarries as baggage: Her work at Fannie Mae, which had to be bailed out by the government in September as part of a $200 billion deal. Ms. Gorelick left the company just as it was coming under attack for huge accounting failures. She has also drawn criticism for her role at the Justice Department, in which she allegedly created an intelligence “wall” that hindered counterterrorism agents in the years before the Sept. 11 attacks. Conservatives called for her removal from the Sept. 11 commission, but her fellow members rallied around her and said critics were distorting her record. The criticism grew so heated that the F.B.I. investigated a death threat against her family, and President Bush had to intervene personally to stop the Justice Department from releasing sealed reports involving her. Some conservative bloggers have already begun trying to derail Ms. Gorelick’s possible nomination as attorney general, pointing to her experiences at both Fannie Mae and the Sept. 11 commission.

Bailout Bill to Nowhere: Why we’re still not out of the woods

The $700+ billion bailout bill has passed through Congress and been signed by the President. The debate, the stock market volatility, and the lack of cogent reporting of events has left many of us wondering what in the world we have just witnessed.

MM calls it “Crap Sandwich 2.0.” In fact, she live-blogged the House debate.

While our government pats itself on the back for avoiding financial Armageddon, I wonder if they realize that the drama of the past few weeks is only the first layer to be peeled from this onion.

The next layer will begin to be pulled away next Monday, as settlement of credit derivative trades involving Fannie Mae and Freddie Mac are unwound.

On Friday, the Lehman auction is scheduled.  WaMu follows one week later.  That is, if anyone is left standing.

How many billions will have to come off the balance sheets at settlement? As interesting and unsettling as the past few weeks have been, we haven’t seen anything yet.

+++++

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Bawny Fwank’s Boyfriend Was Fannie Mae Exec.

But will the Lame Stream Media notice?

WASHINGTON —  Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank’s relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

“If this had been his ex-wife and he was Republican, I would bet every penny I have – or at least what’s not in the stock market – that this would be considered germane,” added Gainor, a T. Boone Pickens Fellow. “But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.”

A top GOP House aide agreed.

“C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?” the aide told FOX News. “No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.”

Frank’s office did not immediately respond to requests for comment.

Frank met Moses in 1987, the same year he became the first openly gay member of Congress.

“I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.”

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

No conflict of interest? What a “Crap Sandwich” that is.

The rest here

Barney’s New Squeeze?

Friday Reading

The new digital “brownshirts”: Informed observers don’t get “the facts” only from a political campaign. They read and listen to the independent media outlets – the same outlets the thin-skinned Mr. Obama is currently trying to quash. Linkfest Haven, the Blogger's Oasis

Corning Inc. blasts Obama ad: More of the “new” politics from the anointed one.

An update from Galveston: Tough times ahead

Twelve-year old makes solar cell breakthrough: And a child shall lead?

Blast from the Past: An archive report from WSJ…quite prescient…“Fannie Mae Enron?”

Update: Rangel calls Sarah Palin “disabled”

What are you reading? Links welcome (WFFOT)

Continue reading

PPT has a busy weekend

Not much time was spent on the golf course this weekend for members of the Plunge Protection Team. Today’s announcement of a support plan for Fannie Mae and Freddie Mac follows another grim week on Wall Street. Hank Paulson and Ben Bernanke faced the impending meltdown of Fannie Mae and Freddie Mac with the only real tools at their disposal: expanded borrowing authority from the Fed, and, pending Congressional approval, direct government ownership of equity shares in the mortgage giants.

“Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owner companies,” Paulson said Sunday. “Their support for the housing market is particuarly important as we work through the current housing correction.”

Last week’s market volatility culminated with a large-scale bank failure, numerous 52-week lows on the Dow, and the CEO’s of America’s largest financials wondering when and if the bloodletting would end.

Just one blogger’s guess, but I expect a strong market rally next week as news of the support plan for Fannie and Freddie gives a much needed shot of confidence to beleaguered investors. Hopefully, Congress will take a very close look at this and demand that government’s ownership positions will be both limited and temporary. I can dream, can’t I?

Update:
from WSJ

The federal government’s seizure of IndyMac Bank is deepening worries among executives, regulators and consumers about the U.S. banking industry, which is in a tightening bind following a long run of prosperity.

Banks and thrifts are struggling against a rising tide of bad loans, and it is becoming increasingly clear that some lenders won’t be able to dig their way out. While fewer banks are expected to fail than the 834 that went under from 1990 to 1992, it will likely take several years for battered financial institutions to work through their bad loans and replenish their depleted capital.

It may take longer than that. The BOGNONBR graph has been updated since our last look, and the trend shows no indication of changing direction. Quite the contrary: a 15% decrease in non-borrowed reserves from the previous month.

Update 2:

a grim assessment from UK Telegraph, predicts “de facto nationalisation of the banking systems in the US, Britain and Europe.”

I might have to reconsider my “Monday Rally” prediction.

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