Friday, February 13, 2009

Darwin is being cheated


The Obama Administration has tossed out another vaporware product to stem the great rebalancing. I just wish they'd act more like Apple and less like Microsoft. Timmay blew his last Tuesday "plan real soon now, and gee is it keen!" speech so this time Leader O himself will take to the podium. AP has the story.
WASHINGTON (AP) — JPMorgan Chase & Co. and Citigroup Inc. are expanding their efforts to halt home foreclosures while the Obama administration develops its plans to help the U.S. housing market.
JPMorgan Chief Executive Jamie Dimon said the New York company plans to halt new foreclosures for owner-occupied home loans through March 6. Dimon made the pledge in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, who released it on Friday.
"This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31," Dimon wrote. "We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan."

Devolution will not be denied. Anybody with two brain cells and a synapse knows this is a save the bondholders delaying tactic.

9 comments:

Lex said...

Meanwhile, in the Empire City,

an innovative approach to the housing crisis

I'm only surprised Gavin Newsom didn't come up with the idea first.

Peripheral Visionary said...

Rob, you should know that the law of natural selection has been repealed, at least in the markets. The Masters of the Universe aren't subject to natural law, after all.

Peripheral Visionary said...

Lex: Thanks for the link. Classic inner-city vote-buying tactics. Use tax revenues from captive businesses to hand out goodies to the inner city residents, who then have strong incentives both to stay put and vote for the politician who is "bringing home the bacon". Washington doesn't have a monopoly on pork-barrel politics . . .

Rob Dawg said...

Lex,
Gotham is staring into a replay of 1970 and they know it. Despite the plaintive bleatings of the Kunstlerites big cities are about to give back much of their recent gains much like everything and everybody else. From yor link: Council Speaker Christine Quinn unveiled a plan today for the city to buy unsold luxury condominiums and turn them into subsidized housing for middle-income families.
no, better idea. Public housing for public employees and you are first.

PV,
Yeah, I'm one whipped puppy. I know better but I'm still going to poop in their shoes. Time to stock up on polearms.

Casey Serin said...

JPMorgan Chief Executive Jamie Dimon said the New York company plans to halt new foreclosures for owner-occupied home loans

Damn, why couldn't they have implemented this 3 years ago! I could have kept all eight of my homes!!

All eight, which were somehow owner-occupied simultaneously. ;-p

H Simpson said...

Rob

Where did that photo come from?
It is deeply disturbing on so many levels.

Is the KC?
Is that his new uniform?
Is he going bald from the wheatgerm shots?

people want to know. Well actually they don't..


h.

Akira said...

Darwin wasn't living in Californicated - and it has absolutely nothing to do with Obama.
Anyway, even if you're an a-hole Liza wishes you a Happy Fishnet Friday!
More Liza if you don't continue some wingnut agenda.

Son of Brock Landers said...

@R-Dawg

What big city do you see as the first to have major problems, roll back gains, etc.? I'm thinking a coastal city. My guess is Philly. They are already experiencing an uptick in crime, the bubble didn't benefit them as much as Boston/NYC, and their police force is not NYC standards.

tj and the bear said...

NBD, but from everything I've read Kunstler does not believe in the viability of big cities either. His NURB stuff is based on small, walkable cities with low-rise buildings.

p.s.: BTW, got an extra $70B lying around? How about if we make it zero interest and spread it out over five years?