Helicopter Ben’s back in business, surviving a 70-30 confirmation vote in the US Senate, lowest total for a Fed Chairman since 1978, when Senate approval was first required.
It’s rewarding failure, of course, as Ben totally missed the housing bubble, but that’s pretty much the only accountability allowed in Washington these days.
Gorilla says: “Now if Ben would at last go 70-30 on unemployment v. inflation, the Fed might honor at last the dual mandate!”
The Home Affordable Modification Program (HAMP) is out with some new guidelines!
The program’s been a dismal failure, as only a few thousand homeowners have been able to obtain permanent loan modifications, while the number of foreclosures this year is expected to exceed 3 million (it was over 2 million last year). As Calculated Risk notes, the new guidelines suggest that temporary modifications are surging and going nowhere.
Perhaps its time for a bit of brand retooling…
Gorilla suggests: “What about calling it HEMP (Highly Elated Modification Placebo)? Should work wonders in California!”
The tidetime folklorist wonders if it will take another 70 years before anyone who can do something about it realizes these are the worst times in 70 years.
The Platter: Hello Buddy by The Tremeloes (the luck keeps passing us by)
The Bait: The DOA TerrorEyz (when underwear bombs still aren’t hiring)
Jobless claims remain well above 450,000/week. That number needs to fall by at least 100,000 just to return to population replacement unemployment. It’s a grim picture that no one is doing much about.
Durable goods orders, outside of Boeing, remain lackluster. We all can’t buy jet planes, and goods orders are off 20% year on year. That’s depression level territory. There’s no evidence that anything other than inventory replacement is driving demand.
Gorilla says: “It’s the stupid economy and the stupid leaders!”
In London at yet another “What Can We Do For Afghanistan?” conference, the British Prime Minister says we have to turn the tide against the Taliban by the middle of next year.
Meanwhile, Afghan President Karzai says it will take 5-10 years to train Afghan forces sufficiently so that they might take full responsibility for national security.
Oh, and it’ll take 10-15 years before Afghanistan’s able to pay its own way for these sufficiently trained forces.
Gorilla says: “Let’s see 2011, 2015, 2020, 2025, it’s like watching health care reform with warlords who aren’t Senators!”
Gorilla’s Blog