"We'll never let Tebow beat us passing the ball" - Fabled Pittsburgh Steeler defensive coordinator, Dick LeBeau, before the Denver Bronco/Pittsburgh Steeler playoff gameI'm having a bit of trouble focusing on something interesting and informative to write about today, not that I'm saying my posts in general are interesting and informative, as I'm still basking in the warmth of Denver's huge upset win yesterday over the Pittsburgh Steelers. Needless to say it was Tim Tebow's passing heroics that proved to be what beat the Steelers...keep the faith.
Having said that, I wanted to throw out here that while everyone is watching the day to day vicissitudes of the situation in Europe, the U.S. leaders are quietly putting together a gameplan for rolling out a massive fiscal and monetary stimulus program. "Fedwire," a Wall Street rag that puts out gossip about the goings on at the Fed reports that one of the newest voting members of the FOMC is going to push hard for more QE: Fedwire says keep an eye on Williams, who is handy with a printer - here's a the report from FT Alphaville, the handy blog of London's Financial Times: LINK
Second, head of the NY Fed, William Dudley, who also happens to be a former Goldman Sachs partner, has been promoting policy that calls for the Government - i.e. the Taxpayer - to pay for a massive subsidization of the housing industry. Not sure that you'll read about this in the U.S. mainstream media, but the Financial Times has written a detailed article: LINK (you may need to sign up for free login to access the entire article).
The fact of the matter is that the first round of massive bank bailouts - TARP - was a de facto massive Taxpayer bailout of the housing industry via the monetization of all of the fraudulent and bad loans made by the likes of Countrywide, Washington Mutual, Wachovia, Wells Fargo, JP Morgan, Citibank, Lehman, Merrill Lynch and Bank of America. Needless to say - and as predicted by this blog and others - the first few trillion served no purpose other than to fund the continued issuance of huge Wall Street bonuses. So now Wall Street, led by Bill Dudley, is back for more. I would bet my last gold eagle that sometime before this summer we will see both Obama-sponsored legislation that transfers several billion from the Taxpayers to the banks and a massive program by the Fed to buy mortgage paper from the Too Big To Fail Banks. This program, like the previous bad asset purchase program by the Fed, will be back-stopped by the Treasury. After-all, Tim Geithner is of course Wall Street's (and Bill Dudley's) official fluffer.
You can look up the definition of "fluffer" HERE - Definition of Fluffer I was actually surprised that Tim Geithner's picture was not part of the definition. But keep the faith, Dick Le Beau and everyone else, that's why we play the game and one day Geithner's picture will be the poster definition of "fluffer"...