Nate projects that Franken will win.
Feds bailout Citi and take a stake in the company. Does that mean as taxpayers, since we now have stake in all these companies, we'll get bonuses this year along with the execs?
Obama to name his economic team (which is getting flack for being a bunch of Clinton retreads) this morning and to provide more details on his economic recovery plan. On the morning shows yesterday, Sen Schumer said that Congress expects to have a legislation on Obama's desk on Inauguration Day--a "new new deaL" to the tune of $700B.
This is for Dave: A great little article in Newsweek drawing comparisons between FDR's transition to the presidency and Obama's.
5 who didn't make the cut in the Cabinet. Includes this rationale for giving Richardson a post (which frankly irritated me but I'd forgotten that he was an early supporter):
Bill Richardson, State — New Mexico’s governor and former Clinton U.N. ambassador-cum-Energy secretary dearly wanted State. And Obama owed him big-time, both for his primary endorsement and for Richardson’s now-forgotten decision to swing his delegates to Obama during the Iowa caucuses. If he’s upset, though, his tears will apparently fall on the Cabinet table. He’s reportedly the new Commerce secretary, and was apparently offered Interior too.
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Wow, a history-focused link just for me! You'd think it was my birthday recently.
Anyhow, on the economic front, Paul Krugman is fuming over the Citigroup deal. That can't be good.
On a side note, it appears that Bridget and I are poison for financiers. Our old bank? Washington Mutual. And, our mortgage was held by ABN AMRO (sold) and then, you guessed it, CitiGroup. Strange since we've always been ahead on our payments. But, the evidence is there.
Upon further reading, it appears that Citigroup's bailout package will exceed the company's current worth. Maybe some of that will be applied to our mortage principal.
some unnerving perspective on the bailout(s):
The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago...The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.
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