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Money-printing liquidity trapper Ben Bernanke has been a Local Loser in recent months after rapidly cutting the federal funds rate to negative 1,000% to no effect whatsoever, except national embarrassment. He's had to print Master Paulson's money, alone, every night, as punishment. He is not allowed to shave. But as Paulson and his flack Neel "Chump" Kashkari refuse to do anything right, Bernanke's had enough and he's just going to sing it from the rooftops of America! Today, in a bigspeech, he declared that the "government must step up efforts to prevent home foreclosures, with options including buying delinquent mortgages and providing bigger incentives for refinancing loans." Meanwhile, back in their lair, Paulson and Kashkari are discussing what evil they must next bring to the global economy.


The government could buy “delinquent or at-risk mortgages in bulk,” then refinance them through the federal Hope for Homeowners program, Bernanke said in a speech at a Fed conference in Washington. Congress could also help reduce loan rates and lender insurance premiums, he said.

Each option would require “some commitment of public funds,” Bernanke said, underscoring his position that the central bank alone can’t revive the economy through its interest- rate cuts and emergency lending programs. Foreclosures may begin on 2.25 million homes this year, more than double the pace before the financial crisis, he said.

“More needs to be done,” Bernanke said in prepared remarks to the Fed research conference on housing and mortgage markets. “Policy initiatives to reduce the number of preventable foreclosures should be high on the agenda.”

Phew. Something along these lines, yes, please. Since avoiding moral hazard is no longer a concern in any way -- we just guaranteed $300 billion in Citibank loans! Because! Citibank! -- just push those idiots who are underwater on their mortgages and headed towards default into some sort of refinancing or managed bankruptcy. Stop foreclosures! Determine prices of illiquid assets! END THE CONSTANT DEATH OF MONEY.

Bernanke you must do this! Because your colleagues are determined to focus on nonsensical things, if they get their way:

Treasury Secretary Henry Paulson is considering a new plan to reduce borrowing rates involving the purchase of mortgage-backed securities issued by Fannie and Freddie, a government official said yesterday.

The Treasury, which already has a program to buy the securities, could step up those purchases to drive down interest rates on some loans to 4.5 percent, the official said on condition of anonymity. The plan is preliminary and could change.

Because what the economy needs now is more people, no matter their income or credit rating, buying houses. They'll cook 'em up a real nice deal, won't pay a dime for five years!

Bernanke Says U.S. Must Step Up Foreclosure Efforts [Bloomberg]

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It started with them damn hats. (Image: Wikimedia Commons)

A guest post by "Knitsy McPurlson," which we suspect is not a real name.

Yr Wonkette is not the only website run by brilliant peoples unafraid to poke people with sharp, pointy sticks. Ravelry.com – a website for knitters, crocheters, and other folks interested in textiles and fiber arts – is poking people with knitting needles, which are very sharp indeed.

This past weekend, Ravelry.com's founders showed the world how easy it is to de-platform white nationalists and racists when they banned all "support of Donald Trump and his administration" from their website, concluding they "cannot provide a space that is inclusive of all and also allow support for open white supremacy." Seems like people smart enough to decode a knitting pattern are also smart enough to decode Trump's not-so-hidden message of racism and white nationalism.

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One day, God willing, my grandchildren will click open their history textbooks and read about the Central American migrant internment camps. They'll learn about sick kids, locked in cages, kept hungry and dirty and cold for weeks on end, and they'll be horrified.

"Bubbie," they'll say, "how could this happen in America? How could there be toddlers sleeping on the ground without blankets, without soap or toothbrushes to clean themselves?"

"I don't know. I wish I had done more. I'm ashamed," I'll say. We will all have to answer for this atrocity. But some of us will have to answer more than others. Not just the archvillains like Stephen Miller and John Kelly, but the people who kept right on doing their jobs, even as those jobs morphed into defending concentration camps.

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