Monthly Archives: October 2010

Halloween Horror: Night of the Living Fed! by Fund Manager Jeremy Grantham

http://www.cnbc.com/id/39868154

Fund manager Jeremy Grantham, long a Federal Reserve critic, issued a blistering attack on Fed policies Wednesday, likening its strategy of low interest rates and monetary easing to a Halloween horror movie that is dangerous and destabilizing to the economy.

Night of the Living Fed by Jeremy Grantham

“In almost every respect, adhering to a policy of low rates, employing quantitative easing, deliberately stimulating asset prices, ignoring the consequences of bubbles breaking, and displaying a complete refusal to learn from experience has left Fed policy as a large net negative to the production of a healthy, stable economy with strong employment,” Grantham, chief  investment officer of GMO, an investment management firm in Boston said.

Grantham’s quarterly note to clients came with a mock horror movie image titled, “Night of the Living Fed: Something Unbelievably Terrifying.” Click here to read the rest of the article.

Gotta Protect Those Bankers At All Costs You Know.

Yeah, it’s just “procedural”.  You know like filing false statements with the court, committing fraud upon the court, not actually filing proper assignments.

So just in case you thought we were a nation of laws.  We are, but just for the peons.

http://www.cnbc.com/id/39834155

FDIC Head Sounds Alarm on Foreclosure Litigation

Litigation arising from foreclosure paperwork problems could be “very damaging” to the housing market, a top U.S. banking regulator said Monday.

Federal Deposit Insurance Corp Chairman Sheila Bair said she did not believe legislation would be needed to address concerns over whether the paperworkwas properly done so long as investigations show the issue was mostly “procedural.”

State and federal officials are investigating allegations that for years banks have not reviewed foreclosure documents properly or have submitted false statements to evict delinquent borrowers.

“I fear that the litigation generated by this issue could ultimately be very damaging to our housing markets if it ends up unduly prolonging those foreclosures that are necessary and justified,” Bair told a housing conference in Arlington, Virginia.

You mean Nancy Pelosi Lied? Or Is She Just Incompetent? Probably Both.

http://www.cnsnews.com/news/article/debt-has-increased-5-trillion-speaker-pe

Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’

When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”

Pelosi: ‘We haven’t really gotten the credit for what we have done’?

Yeah, if she did who knows how low the Obama/Dem poll numbers would be.  Good thing they had the lamestream media covering for them.

http://thehill.com/blogs/blog-briefing-room/news/125621-pelosi-we-havent-really-gotten-the-credit-for-what-we-have-done

Pelosi: ‘We haven’t really gotten the credit for what we have done’

Democrats haven’t necessarily gotten the credit they’re due for the work they’ve done the last two years, House Speaker Nancy Pelosi (D-Calif.) said.

Pelosi, in the middle of a tough campaign to defend Democrats’ majority in the House — as well as her own Speakership — seemed to echo a complaint voiced by other Democrats, that obstacles have made it difficult for the party’s message to get through.