Where are Sonny and Cher* when we need them?
There is a good reason why very little happens in the
nation’s capital in August. Most locals are gone avoiding Washington’s stifling
summer heat, that-–despite what you may think about climate change—has been
worse this year.
That includes most Admin policymakers, the media, DC
yakkers, lobbyists, and the Congress—which despite opposing federal laws giving
workers mandatory six weeks paid vacations--manages to take 10, 20, and thirty
day variations of the same for themselves.
(“Me? Harrumph, why should I walk a mile in your unpaid vacation-less hot shoes?)
GSE
Stuff
Yes, without being asked, Larry Kudlow looked and sounded a
little ill or under the weather this weekend, when he told economic tall tales
on the Sunday shows. No, he didn’t mention the GSEs, but that’s almost beside
the point since he is somewhere in the Admin’s GSE decision tree.
That brings me back to a signature main point…again.
For what is the Administration waiting before it unveils its
long-promised plan to free Fannie Mae and Freddie Mac from Conservatorship???
President Trump is running for re-election (if you hadn’t
noticed) trying to generate more voting support than any of his would-be opponents
might generate, meaning Republicans in their primary, or one of the 600
Democrats seeking that party’s nomination.
In between trying to buy Greenland (wait till he finds out
Greenland/Denmark have banned tanning salons and hair coloring facilities for
God’s lifetime) and bragging how much his recent New Hampshire visit produced a
bigger crowd than Elton John, and don’t forget in Pennsylvania where he took
credit for a plant put together in 2014 before he even ran for the WH, DJT seems to be ignoring an action
that is a far better investment of his valuable time and energy—ending
the Fannie/ Freddie Conservatorship.
Is Steven Miller the only one advising DJT?
If the President wants to cut into the Democratic Party’s future
Black/Brown vote, free Fannie and Freddie; if he wants to show he cares about
the aspirations of moderate and middle-income American families, yearning for
their share of the American Dream, free Fannie and Freddie; if he is worried
that the economy is tiring from his phony tax and farm stimulus injections,
free Fannie and Freddie and watch homebuilding/home selling employment grow and
get credit from happy mortgagors, free Fannie and Freddie; and if he’s worried that he has no credentials--other
than name-calling and demeaning anyone who challenges him--he should prove he’s
a “houser,” not just a real estate hustler and free Fannie and Freddie and avoid
being put on the defensive, if and when some federal judge or judges force the
issue. (I am hoping that one of you
Republicans who read my blog will share my advice with the White House.)
If the POTUS calls for it to happen, it will be done.
Treasury Secretary Steve Mnuchin--with a stumbling, slow
walking Mark Calabria (“Wait, wait, Sir,
I’m the GSE boss”) by his side, but slightly behind--will do it for you in
a political heartbeat Mr. President and add "bigly" to your 2020 campaign
arsenal.
Fifth Circuit
I’ve tried, by talking with others better in the know than
me, to discern what’s going on in New Orleans and the Fifth Circuit Collins’
deliberations, I came up with little, except some very reasonable legal procedural
issues.
The view is the subject matter is so important—both for
purpose of the court’s opinion and possible appeals--those writing what they
hope to be the majority opinion (supporting the plaintiffs) and those
disagreeing are taking their time and being super precise with regard to substance
and process.
The flip side of that is so are those who might not agree
with what’s shaping up as the majority opinion?
And, not too laughingly, is the fact that judges and clerks
take summer vacation, too.
Wilbur Ross
Last week, I was asked if Commerce Secretary Wilbur Ross is considered a significant
player in Admin's GSE considerations???
I never heard that before about Ross but one clue is the Commerce Secretary did leave former FHFA Director Jim Lockhart at home as Vice-Chairman to watch over Ross's corporate businesses and I assume the two communicate regularly. If anyone knows more than that please enlighten me/us.
Maloni, 8-19-2019
(*In 1967, S&C recorded, "The beat goes on.")
22 comments:
For what is the Administration waiting before it unveils its long-promised plan to free Fannie Mae and Freddie Mac from Conservatorship??? Maybe a magic wand?
......when he told economic tall tales on the Sunday shows. Specifically which one was a tale? For most loony liberal pundits that desire a Recession to bring down the President, they are classified as two consecutive negative quarters of GDP. Duh.
....bragging how much his recent New Hampshire visit produced a bigger crowd than Elton John...true or false?
...... in Pennsylvania where he took credit for a plant put together in 2014.....are they producing American Made Steel like from decades past and Coal Mines working again?
......If the President wants to cut into the Democratic Party’s future Black/Brown vote.......pretty sure he has and it’s going to get much, much bigger in the next year. Same with Union Workers, Jews, Hispanics among others.
if he wants to show he cares about the aspirations of moderate and middle-income American families..... like creating Enterprise Zones, lowest Unemployment in history, Jobs coming back to the USA, lower Food Stamp participation. The list could go on and on and on.
he is worried that the economy is tiring from his phony tax and farm stimulus injections.....nothing phony when looking at my check. Farmers are all in with the President.
if he’s worried that he has no credentials--other than name-calling.......yea, a man who has built an $10 Billion empire has no credentials, so says who? LoL. We see the first and only Republican that defends himself and why there are 20,000 + at his rallies. 20,000, week over week. State by state and city by city. Blue one I might add.
Let that sink in.
Your hate is so deep and in full display again. You can’t seem to control it. Not good for your health and happiness. If Trump drops out as your boy Michael Avenatti’s new replacement Anthony Scaramucci says then maybe one of the Socialist/Communists gets in you will find some peace?
All in fun.
Anon #1
just a little more fun...
.....he is worried that the economy is tiring from his phony tax and farm stimulus injections....someone say $875 Billion of shovel ready jobs?
$10,000,000,000,000 of new debt?
1% GDP
If you like your Doctor
(Now that may be below the belt, or do I mean crossing a Red Line)
And be sure to know, why Trump fights with China for the America Worker, surely inflation is going to be rampant and cost the consumer. How is that working?
Yea, yea, yea. I know it’s probably racist to even “think” of commenting about any Democrat Politician that may be 1/2 white and 1/2 black regardless if they have a pathetic track record on crime, murder or corruption in any city which they represented.
Everywhere there is prolonged Liberal Democratic control, you will find destruction. Not 80-90 or even 95%. It’s 100% across the board.
Anon#1--
Good to hear from you and hope you are staying out of the heat (climate control, perish the thought).
Too cynical, still?
It was the Pittsburgh Post-Gazette which pointed out the plant DJT visited was put together by combined state and federal efforts beginning in 2014. Trump--five years later--somehow time-traveled to take credit for it.
It also was the PG which first reported union employees were given the option of attending WITH PAY or staying away getting NO PAY for the day.
DJT's tweets made the Elton John victory announcement. You think Trump knows EJ is Gay and happily married to another gay man for more than 20 years. The President can't say his marriages have lasted that long.
The POTUS also claimed he won the "Michigan Man of the Year" award, but fact-checkers (darn them!) pointed out there is no such award.
It's not me that generated the yield curve info and analysis. His tax cut was and is a "rich folks bailout" paid for with future taxes on our children. If that one and a half trillion theft didn't change matters, shame on him twice.
Did I mention climate change or salmon dying in hot Alaskan waters?
But, didn't I also--from my head and heart--give him advice on how to win in 2020 utilizing an end to Conservatorship?
I am happy you are happy. Some people aren't.
(Please stay hydrated and out of the sun.)
Anon#1--
Impugn me, but you're not entitled to your own facts.
Afternoon story in the Washington Post.
https://www.washingtonpost.com/business/economy/white-house-officials-eyeing-payroll-tax-cut-in-effort-to-reverse-weakening-economy/2019/08/19/4cab28ec-c2bd-11e9-b72f-b31dfaa77212_story.html
Mulvaney and Kudlow can lie on the "Sunday shows"--as they are known here in town--but they can't ignore the noise coming from around the same town, including from their colleagues.
Mooch was good enough to be his WH spokesperson, but today he's a slug because he spoke honestly about the President??? That was a quick transition, even for DJT.
Can the POTUS accept and criticism or rebuke without exploding and trying to shame the source?
That's first-grade behavior, I'm sure you can see that, or have you already venerated him??
What has the President said (to his friend Vlad) about those nuclear accidents in Russia which have worried independent scientists looking at radiation leaks? One, more than one? (Whatever they said, the result was more, more dead and more radiation, because they lie.)
Someone should explain and educate the President about Chernobyl and how his good, never-lying friends handled that mess, too.
Anon#1--The Pittsburgh Post-Gazette is a long-time conservative-leaning publication, owned for years by the Block family of Ohio.
But here's the story about the Trump's speech, crowd, and bragging about something put together when BHO was president.
https://www.post-gazette.com/business/powersource/2019/08/16/Trump-speech-union-crowd-Shell-ethane-plant-natural-gas-beaver-county-pennsylvania-attendance-pay-overtime/stories/201908160113
The Blocks never have been big friends with Democrat officials or their party.
So James Lockhart is running Wilbur Ross' business and hasn't yet put it in "temporary" conservatorship ?
Apparently, not yet. But......
(Seriously, one other "in the know" individual, told me that Lockhart--several months ago--told him he (Lockhart) was looking to re-enter government service.)
If that's true, I can't believe that Ross pays so poorly!!!!
All Lochart reports welcome.
Anon#1--
Today's announcement re US Steel planning to layoff workers in Michigan.
Add that to your Trump/China tariffs hike impact.
https://finance.yahoo.com/m/027b50a3-b53c-3f87-a5d7-fb181e525bd8/layoffs-for-u.s.-steel%3A-is.html
US Steel plans to temporarily lay off up to 200 workers in Michigan. Note the word TEMPORARY? Nice try Bill. Typical Liberal spin.
155,215,000 Americans are employed per the Bureau of Labor Statistics.
The number of employed Black Americans hit a record high of 19,087,000 last month, and a record 72,530,000 women.
#1
Bill,
Is the cup half full or half empty?
More than half empty
I think Trump's insecurities, rage driven treatment of anyone who disagrees with or challenges him, bigotry, unenlightened approach to our own history and civics, and his changing foreign policies driven by his whims, combined has made us weaker as a nation.
He has and is risking far more damage than he has solved or fixed.
Bill, there's millions of people younger than you that I've never heard of Sonny and Cher. Thus, I'll share this link https://youtu.be/to0irFedGqc
It's groovy though man. By the way I'm one of those evil swing voters your mother warned you about. I'll vote for Trump or anyone else who frees the GSEs.
I see you always ignore the facts when someone rebuttals you so maybe look at your reaction when people don’t agree with you.
Do you really think a man that is worth $10B has any insecurities?
We are stronger now then the past 100 years.
Want to see a real, live Bigot or Racist, LoL no further then all members of the DNC. White ones, Black ones and every color in between. Just check out “any” Democrat city or State.
Really the only ones weaker are Liberals and the Media.
Hang tight, six more years. By then Don Jr. and Ivanka should be ready.
For the record, I don't think he ever was worth $10 Billion (since we have nothing but his word for that possibility) and as far as his kids, I'm holding out for Barron.
Bill, I am little disappointed with this latest blog. Reading through gave me a feeling that you have reached the 3rd stage (Bargaining/Negotiating/Pleading) of grief. I think telling these people on how releasing FnF will help them is of no value. What is happening here to all the FnF shareholders is what I call financial terrorism, brought about by the very same people who are supposed to guard and protect it. I am going to include anybody and everybody who had the power and ability to fix the situation but has chosen to do nothing so far. The taking of all the profits demonstrates greed at whole new level with no legal consequences for anybody involved. To extend Reagan's quote, I want to say: "We DO NOT negotiate with the terrorists and we should get back what is rightfully ours."
Sorry, you are disappointed, not my intent.
What faces me as a pro-GSE mortgage finance system advocate (as opposed to an investor which I also am) is how to present fresh ways to look at today's mortgage finance system--which faces significant ideological/political opposition to ending Conservatorship--and suggesting ways the benefits to change can be shared.
My too logical appeal to a President who may be searching for a path to embellish his political chances, because--like him or not--he's potentially able to able, singlularly, to make a positive change.
A meandering set of legal challenges, which despite logic and powerful backers and advocates, so far has produced little.
So, I try and employ humor (occasionally dark and cynical), current and not so current events, and my own political/industry/regulatory/mortgage finance experience to weave my latest information and my regular pitch, i.e. the GSE managed mortgage finance operational delivery system is the best for consumer and most every one of the professionals in that delivery chain.
Some days I nail it and others I don't.
so I am not he above Anon..You can call me Ray, Jay or anything else...Bill, I do appreciate the flack you say about the POTUS..Although I agree with many of his policies, his narcissistic demeanor, really is a turn off for a lot of people. Anon#1 maybe doesn't realize, there are a lot of people who vote right, are going to stay home election day, just because of Trump's behavior. That scares me, but not as much as flipping the senate to the left...As far as the GSE's, it still amazes me that it has taken this long. but , as many have said before, congress doesn't do anything unless the clock is striking midnight or the courts is forcing their hand...I know justice is slow, but what has happened over the past 6-8 years, is just absurd. The fact the GSE issue hasn't been heard by the SCOTUS is killing . Me and the fact Trump hasn't stood by his promise yet to release them is even worse.
Anon (not #1) good to meet you. Seriously, pick a number or symbol and add it to your "Anon," so I can acknowledge you are not my other faithful reader/friend Anon #1
On GSE matters, the cudgels are in DJT's hands--and have been for a few months re Treasury (Mnuchin and Philips) largely completing the project--but needing input from "HUD"(!!!)
There are few if any conventional mortgage markest(meaning non-FHA) experts in that agency. What could it possibly add to Treasury's work that took two months, other than enough to get Secretary Carson's name on the recommendation).
As bullish as the news has been the GSE news, look for something that trips it up, someone, something seeking delay, G-7 kerfluffle, China, Russia, NFL players, you know the list of hot buttons.
He is a noted flip flopper, so watch for the Admin to say, "We need a little mroew tiem."
As bullish as the news has been the GSE news, look for something that trips it up, someone, something seeking delay,.......
Look no further then Liberal Senator Brown from Ohio with his F&F fear tactics. To be fair, a friend of former Senator Crooker.
My intuition says President Trump will be the Shareholders friend soon. He does everything else right.
Note to other Anon. Any Conservative that would stay home on voting day may regret a Biden/Pocahontas ticket and doom to the markets.
A ticket of total lunacy in every category.
The only Anon #1
Anon#1--We finally agree!
I, too, think things have been too easy and some obstacles are due, screwing up the announcement timing or the content of 'the Plan."
if a thing takes a day for a private company to do, it will take gov ONE year. Call it Democracy, check and balance. Or wait a minute, FHFA is beyond law if it steals private property for benefit of the whole country..
And--hopefully--they will their Treasury enablers will get nailed!
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