Archive for the ‘values’ Category

Geithner’s Toxic-Asset Plan on Slow Track as Values Deteriorate

March 27, 2009

The Obama administration’s plan to remove distressed assets from bank balance sheets may take three months to begin operating, risking further deterioration in the value of the securities and driving up rescue costs.

By James Sterngold
Bloomberg

No matter how well the plan is designed, delays could mean that prices for mortgage-related assets will drop, requiring banks to take bigger writedowns and seek additional capital from the government, said Christopher Whalen, senior vice president and managing director of Torrance, California-based Institutional Risk Analytics.

“The government has said it thinks the assets are worth more than the 30 cents they could get in the market now — that it’s 80 cents or 50 cents on the dollar,” Whalen said. “But that 30 cents is going to look good in three months. Loss rates aren’t going to peak until late this year, when those assets will be going for five cents or 10 cents on the dollar. Absolutely they should move faster.”

The three-part government plan, announced March 23 by Treasury Secretary Timothy Geithner, requires a two-week comment period for one program, an application process for asset managers, analysis of the troubled mortgage assets to be sold and assessments of how much debt investors can take on.

As a result, the programs might not be operating before June or July, said Curtis Arledge, a managing director at New York-based BlackRock Inc., which plans to apply to become one of the asset managers for the public-private partnerships.

Falling Asset Prices

Two government officials, who spoke on condition of anonymity because no announcements on timing have been made, confirmed that the program won’t be operating until the summer. Once launched, it will create public-private partnerships to purchase as much as $500 billion of bad debts and securities from banks. The aim, Geithner said, is to allow the banks to clean up their balance sheets, attract private capital and resume active lending.

“The longer it takes, the more likely it won’t do the job,” said Robert Barbera, chief economist at New York brokerage ITG Inc., who supports the program because he believes that cheap government financing for the asset purchases will lift prices. “This allows the squeeze on the real economy to continue. The longer credit is not available from the banks, the greater the drag on the economy, and asset prices drop further.”

Read the rest:
http://www.bloomberg.com/apps/news?pi
d=20601087&sid=agEBuyNoFyvI&refer=home

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Mark Levin Reminds Americans that Values Count

March 24, 2009

Republicans need to review the past in order to effectively move into the future.

And Republicans need to regain their core values fast in order to effectively work through the current Obama Administration’s march toward socialism.

The Republican past is not John McCain, much as he is loved and admired.

And though many of us think about Ronald Reagan, we must grasp the values and not the personalities we need now — a personality will rise in his or her own time.

Mark Levin’s book  “Liberty and Tyranny” is an effort to get us all to think again about the values we need.

Judd Gregg, who nearly became Barack Obama’s Commerce Secretary, seems to have regained his good thinking and is now speaking out about the Obama budget.

“It just seems inappropriate and irresponsible to spend so much that we send along a huge debt to our children and grandchildren,” he said today on the Fox News Channel.

Good Republican thinking.

“This is a massive spending document that increases government and taxes dramatically.”

So is that a good thing?

Republican cannot allow Rahm Emanuel, Robert Gibbs and the others to define them.  Democrats fear a united conservative movement and have worked hard to make the discussion about Limbaugh or Steele.

The discussion is not about who.  The discussion is about the values and how best to achieve them.

Related:
Republicans: If You Can’t Agree On Core Values Now, Commit Harakiri

 Republicans Must Hang Together, or One By One

Michelle:
http://michellemalkin.com/2009/03/2
4/congrats-mark-levin/

 Liberated “Almost Commerce Sec” Gregg: Obama’s Harshest Budget, Debt Critic

 U.S. Seeks Expanded Power to Seize Firms

 Because of Obama, Our enemies sense weakness

Senators Ready To Abandon Missile Defense:
http://senatus.wordpress.com/2009/03/24/lev
in-hopes-missile-defense-compromises-lead-t
o-russian-assistance-on-iran/

GOP sees signs of life in Northeast

Barack Academy Announces Plan for “American Values, Truth, Honesty, Competence”

March 20, 2009

President Obama has already made this the “Education Presidency,” by offering a complete overhaul of the educations system in the United States.

Unlike the stimulus and health care plans he has proposed, which he left to the thoughtful Nancy Pelosi for the legislative drafting, the new education proposal will be created by Himself and the White House which is not at all challenged by the task.

And now an important new teachers’ union has come forward to assist Rahm Emanuel and the others in the White House team to create the new educations system.

“Patriotic Americans for Sensible Intelligence” (PATSI) president Susan Malarky has come forward to say, “To make sure this is a lot better than the special olympics type bill created by congress, we’ve dedicated ourselves to helping the White House.”

“Besides, without a lot of input from the teachers, the money the president proposes to spend might not all end up with union teachers where it belongs.”

PATSI also has asked House Speaker Nancy Pelosi and Senator Chistopher Dodd to start the project to write the next generation of student textbooks.

PATSI says Dodd and Pelosi will lead a team which will write the text on “American Values, Law, Truth and Honesty.”

Vice President Joe Biden said, “Give me a f *&$%# ing break.”

Keep your sense of humor!

http://michellemalkin.com/2009/03/
28/introducing-barack-obama-academy/

Related:
Forget ACORN, Obama’s Americorps Has “strong odor of creepy authoritarianism”

Why Singapore is another model for teaching excellence

 Obama: Really Wants to “Fix Schools”? Try The China Or Singapore Model

Thowing Money Around Isn’t Always the Cure