A faint wisp of sanity wafted through our nation’s capital today. The Office of the Comptroller of the Currency told the credit card companies and banks today that their proposal to defer their losses on credit cards was a non-starter. As background, various big purveyors of credit card debt proposed that they write-off up to […]

Is Paulson’s worst nightmare about to become real? Or to phrase it perhaps more appropriately,will the next Secretary of the Treasury have to deal with the demise of Citibank? The Wall Street Journal today paints a picture of a company engaged in meltdown in the executive suite. Board dissatisfaction with the Chairman, board dissatisfaction with […]

Tim Duy had one of the better posts I’ve seen in some time at Seeking Alpha this morning. I think the biggest potential for policy error lies in maintaining the delusion that preventing housing, and by extension, consumer spending, from adjusting is central to fixing the nation’s economy. Policy would be best focused on supporting […]

This one is from the dog lays down with cat genre. Barney Frank said today that he does have limits when it comes to loan modifications. From Housing Wire: Reducing the amount of foreclosures will play a key role in stabilizing the financial crisis, but the government should avoid giving a “free ride” to any […]