Archive for June 18th, 2009

Cash For Clunkers Meant For Detroit Not The Environment

By today’s standards it’s small potatoes but a billion potatoes here and a billion there and pretty soon … well you know the quip. I’m talking about the “cash for clunkers” bill that was approved today as part of an add-on to funding for the Iraq and Afghanistan wars. This has been billed as an [...]

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Allen Stanford To Be Arrested

Looks like Allen Stanford has come to the end of the line. Per Reuters: Texas billionaire¬†Allen Stanford¬†was prepared to surrender to U.S. authorities in Virginia on Thursday night after a warrant was issued for his arrest, Stanford’s lawyer said. “A warrant has been issued for his arrest,” Houston attorney Dick DeGuerin said, saying that he [...]

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How Obama’s New Financial Rules Might Bite GE

If you own GE stock, you might want to think over the implications of this little tidbit from the WSJ. The new Obama regulations give the Fed regulatory authority over systemically important financial institutions. Given the size and reach of GE Capital it’s pretty much a foregone conclusion that GE would be viewed in the [...]

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The TARP Bank Execs Keep Flying High

I think that the following pretty much tells us why the banking industry found itself in so much trouble. The guys that run the banks are terminally stupid. The WSJ is out with a report on the use of company owned aircraft for personal use by TARP recipient banks. Some executives at banks propped up [...]

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Spain Calls It Quits On Fiscal Stimulus

Spain appears to be the first major country to throw in the towel on fiscal stimulus. The central bank announced that the country is officially tapped out. From Business Week: Spain’s central bank told the government on Tuesday (16 June) there is no room for further spending measures above those already announced, and warned that [...]

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Obama Called To Task For Fly Killing Episode

In case you missed President Obama’s display of his Ninja-like reflexes yesterday, I have embedded the video for you. The short story is that he was being interviewed and killed a fly that was buzzing around the room. This being America the story doesn’t stop there. People For The Ethical Treatment Of Animals has taken [...]

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More Signs Of An Economic Turn

Get ready, this is one of those “green shoots” posts. There’s some fairly good data here that at least argues the recession is running out of steam. First, on the jobs front, initial claims were up 3,000 to 608,000 but the more reliable four-week moving average fell by 7,000 to 615,700. Since April the four-week [...]

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