"We Can't Get There From Here"

If there's one thing the public, the press and the investment community will agree upon, it's that they don't like uncertainty. And, when it comes to the Wall Street TARP II bailout (and related) proposals not being defined with any degree of detail, as of this writing, by U.S. Treasury Secretary Tim Geithner, that's exactly what the Obama administration has been telegraphing to just about everyone over the past 36 hours.

As noted Progressive Economist Dean Baker, the first economist to point out the bubble in the US housing market back in 2002,   stated today in his article entitled: "The TARP Dog and Pony Show," Secretary Geithner said in his press conference Tuesday that he...

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Tom Geoghegan + Robert Greenwald = Progressive Awesomeness!

What happens when you mix Tom Geoghegan (running to replace Rahm Emanuel in the House on March 3, who David Sirota calls "one of the greatest living progressives in America") with Robert Greenwald (indisputably one of the greatest progressive film makers in America)?  You get this must-watch video:  


Did you watch it? If not, push play and watch it! :)

Expanding Social Security? Single-payer health care? Make the banks reduce the debt regular people owe since taxpayers are reducing the debt banks owe? How often do you hear House candidates talk like this?

If we're progressives, we all must do what we can to help Tom Geoghegan win this House seat next month. Candidates like him deserve our support. Here are three things you can do to help Tom -- take your pick:

1) Make 20 calls from your living room for Tom.Click here to sign up. This will be a low-turnout election, so if 100 of us each make 20 calls from home to target voters, those 2,000 calls could seriously make the winning difference. Do it this weekend -- won't take too long.

2) Donate to Tom today. $125,000 has been donated online already -- and now's the time Tom needs money for his ground game. Donate to Tom here.  

3) Go to Chicago to help--get free housing. Tom has some great volunteers and field staff on the ground. But he's running against the Chicago machine insiders, so we need to pitch in. Go for the final week, go for a weekend beforehand, go whenever you can before March 3. Email <span>jacob @ geogheganforcongress</span>.com to arrange free housing.

(On Kos? Recommend this post.)

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Banks Shamefully Lie About Liquidity In Today's WSJ

One of the lead stories in today's Wall Street Journal is a totally contrived piece of crap, entitled: "Lending Drops at Big U.S. Banks."

In this story, the Wall Street Journal, being spoonfed spin from many of our nation's largest lending institutions, would have us believe (infer...imply...etc...whatever) that consumer liquidity in the marketplace only dropped 1.4% between Q3 '08 and Q4 '08.

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As Main Street rejoices, Wall Street is a basket case

Cross-posted at River Twice Research.

If you were not one of the 2 million people watching the inauguration on the Mall in Washington, you could watch the spectacle on any number of television channels. Flipping between ABC, CBS, NBC and PBS would have yielded different commentary but largely the same mood: euphoria, awe at the magnitude of electing the first African-American president, and somber urgency about what confronts our financial system and the world. Yet, even as Obama warned of a difficult road, the crowds were wildly enthusiastic, and millions were moved. Main Street has turned a corner.

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Is it Recovery or a Dive to New Depths?

I learned three things listening to Secretary Paulson on the Bailout program yesterday:

  1. Paulson is a worse public speaker than Alan Greenspan (something I didn't think possible), leaving a more confused image of the Bailout Program behind him.

  2. Homeowners will now not benefit from any kind of mortgage recovery from the Bailout, as it is now all going to keep banks afloat.

  3. Since thee has, so far, been no oversight by Congress over the program, Paulson can do anything he wants without accountability.

In other words, we are screwed.

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