Why the Federal Reserve cut rates yesterday? The move pumps money into the economy. The lower rates frees up money for banks to lend more money to small businesses and and individuals. Cheaper rates allow the banks to loans to less credit worthy applicants, because the cost of the loan is cheaper. More credit will allow the housing market to come back.
All of that seems good.
Query: Isn't that what got us into trouble in the first place?
Yesterday the Fed lowered the prime rate to 1%. I seem to recall the same rate fueling the housing bubble, the mortgage fraud business, and causing our mailbox to be stuffed with credit card offers. We just spent a trillion dollars to erase those bad loans, and not a month later we're starting the cycle all over again?
It just doesn't seem right to me.
Are you a new lawyer, facing your first trial? Nobody wants to lose their first trial. (Fact: we lost our first two, and won our next 50 or so.)
As the Federal Blog reports, Federal Court (land of the hung juries) just may be the place for you. You might not get a Not Guilty, but a hung jury is better than going right to sentencing.
Here's why we don't handle civil cases. Check out the South Florida Lawyer's Blog's 3rd DCA Watch. Some lawyer and a Judge re-set a hearing. The other side went ballistic (civil lawyer's motto: "going ballistic at $450.00 and hour as long as the client will pay.")
Letters (ending with "kindly act accordingly") started flying back and forth, followed by motions, and finally the whole mess ended up in the 3rd DCA with the Big Man himself. Rudy Sorondo arguing the brief for one party. There was a decision, and a dissent, and as you read the whole sordid mess on the South Florida Lawyer's Blog, keep reminding yourself: this is over scheduling a motion.
Over in our humble building, if you're upset when a case is scheduled, you just go see Judge Blake. If Terry (his JA) can't help you fix it, then Stan sends the parties to Judge Newman who just clonks their heads together like Moe did to Larry and Curly and sends everyone on their way. It works.
Go hang those juries and drive Federal Judges nuts.
See You in Court.
We already know who will be the next Chief Judge - it will be JUDGE SCOTT SILVERMAN.
ReplyDeleteMark my word. He has the necessary majority of Circuit Judges and most of the County Judges committed already.
THE CAPTAIN REPORTS:
ReplyDeleteI never would have thought that I would see the day when the _______ would throw their support to a Democrat!
"Our specific recommendations are:
• Change the rules that make it impossible to send cash aid and allow direct, substantial and unfettered aid to Cuba's dissidents.
• Lift the 2004 restrictions on travel and remittances by Cuban Americans. Removing the handcuffs that have prevented us from becoming active participants in the development of Cuban civil society will make us agents of change.
• Maintain sanctions that diminish the Castro regime's access to hard currency, which it uses to help fund its apparatus of repression.
• Engage democratic and reformist forces in Cuba, including those in the military and in the civilian government. They need to know that they can count on the friendship and support of the United States.
• Rebuild our intelligence capabilities in Cuba; they have been dismantled over the past decade, creating a vulnerability in this nation's security.
Both presidential candidates have made clear that they want to help the Cuban people achieve freedom. But Barack Obama's forward-looking and proactive approach toward empowering the Cuban people is more in line with these proposals than John McCain's vow to continue the Bush administration's policy."
Anyone want to guess who wrote this?
here is the answer to the economic downturn:
ReplyDelete- have every mortgage holder provided the opportunity to pay "interest only" for 3 years. since the banks are being provided tremendous liquidity, they should have no problem with this and it will eliminate much of the foreclosure risk due to the record low interest rates. mortgage rates are still at 6.5% for a 30 year mortgage...which is absurd in that the rate has kept going up as the fed keeps cutting the discount rate. an interst only martgage would be at 3% for 3 years and would lower the monthly payment for those in distress.
- provide an incentive to those buying foreclosed homes that they will NEVER pay a capital gain no matter how long they own the home and no matter how much profit they make. wouldn't you rush to buy up every distressed property that you could vs. paying capital gain on the current stock prices?
those are just some of the solutions that i though of this afternoon. pass them on to raul martinez so that he can introduce his first bill when he gets to congress!
By the way Rump (just so you don't feel bad about any stock losses in your portfolio!), Carlos Slim - the 2nd richest man in the world - has seen his net worth cut from $58billion to $38 billion ... in just one week!
ReplyDeleteThe CANF article was in the Washington Post Editorial section last week.
ReplyDelete11:53 - you are the winner
ReplyDeleteThe Cuban American National Foundation is endorsing a Democrat for Prez.
Captain Out .....
While CANF is largely a single-issue organization, its purpose is to end Communist rule in Cuba (i.e. oust Fidel and Raul Castro), one would think they would not endorse a "socialist" candidate. So much for the McCain/GOP/neocon argument that Obama and the Democrats are "socialist."
ReplyDeleteAnd I think the fact that the CANF has endorsed Obama, albeit rather tepidly, is several more nails in the coffin of McCain's Florida campaign. THE CANF's endorsement, while limited in impact, is a surprise given the CANF's strong Republican bent (and stated fondness for Ronald Reagan). CANF's endorsement is almost akin to DailyKos endorsing McCain.
While McCain still has a chance, it is slim and getting slimmer by the day. He is not going to win PA, although I expect the final result will be closer than the polls giving Obama a low double-digit lead. Given that NM and IA are strongly in the Obama camp, McCain must run the table on the following states to win: NV, CO, MO, IN, NC, OH, VA, FL. Given that CO seems to be going the way of NM and IA, and Obama has respectable leads in NV and VA and a smaller one in OH, this will be very difficult. Plus McCain still must carry the following states which are not definites for him: GA, AZ and WV. And he can only lose one out of these three, the latter two of which are very tight: SD, ND, MT.
The New Chief Judge and His team:
ReplyDeleteChief Judge Peter "Camacho" Adrian
Adm Judge Maria "FAX" Dennis
Enforcer David "Shooter" Miller
Dear Mr. Rumpole: It now appears that Barack Obama will win the election on Nov.4th and become President of the U.S. ON the one hand this is good for me as it insures 4 more years for me to be a vocal critic and voice of the conservatives. On the other hand I must grieve for the following which will likely result for an Obama Presidentcy. 1. My home renovation of my two Palm Beaches homes estimated at 20 million will be cut back and I will have to lay off 2 interior decorators and several illegal alien construction workers. 2. I will delay entering into a fourth marriage until I see what the tax ramifications of divorce will be on an inevitable failed marriage, something I have become good at. 3. Numerous neighbors involved in finanacial enterprises involving the military industrial complex will have dwindling profits ;and may have to see one of their homes. I know of two friends from the Palm Beach Yacht club who are selling one of their boats. 4. Of course my friends in the casket and marble industries are lamenting the shortage of casualties given the inevitable withdrawl of troops from Iraq. We were hoping for 50000 like Vietnam but it looks like we will have to settle for 10000 on this war. 10000 less blacks, hispanics and red necks is better than none however. 5. Let us not forget that if tax policies get too oppressive under Obama then the corporate elite will just law off employees, cut back on hiring and use other retaliatory measures to show the White House that WASPs have and always will run this country. That is enough for now. I have to take my girlfriend Muffin's poodle Princess for a walk before I play tennis with baron von fusterberg of Austria. /s/ el rusbo Rush Limbaugh, the conservative voice of America. P.S. Rumpole, if I may, one word of advice, do not try to play tennis in the Florida sun after drinking more than one Mimosa. mega dittos!
ReplyDeleteWhat's this $450. an hour stuff. Sorondo charges at least $500. an hour.
ReplyDeleteThe current leadership of CANF think they can do business, and make a pretty profit, in Cuba with a Democrat in power. Jorge Mas Santos is no Jorge Mas Canosa. I wouldn't be surprised if CANF's leadership was infiltrated by Cuban intelligence. After all, Castro's dictatorship had, and probably still has, agents at the top echelons of the Pentagon. So, why not at CANF?
ReplyDeleteNyuk, Nyuk, Nyuk.
ReplyDeleteBreaking NEWS:
ReplyDeleteHigh court backs Florida Bar; Conway will be reprimanded.
A response:
ReplyDeletehttp://www.miamiherald.com/456/story/749454-p2.html
The CANF, as an organization, does NOT endorse candidates. It has always met with the candidates from both parties, as they did this year, to directly infom the candidates of their position on Cuba issues. There may be members of the organization that are democrats but the CANF does not endorse any candidate. Don't you think it would be on their website? Well, it's not.
ReplyDeleteCaptain, you are out of it!
CANF gains nothing by backing a loser. At this point, Betfair.com has McCain at 9:1, Obama 2:15. CANF hasn't suddenly turned liberal, they're being politically pragmatic.
ReplyDeleteIn case voting becomes a last minute thing and minutes and seconds count, can't find those pants, not to worry just go nude.
ReplyDeleteFla. nudists want clothing-optional polling site
The Associated Press
LAND O' LAKES, Fla. -- A nudist community on Florida's west coast wants to be allowed a clothing-optional polling site.
The Caliente Resorts, located in Pasco County north of Tampa, has approached election officials about the idea.
Nothing in state law would prohibit it, but the supervisor of elections says he is opposed to creating any new precincts before redistricting in 2010.
9:15 is seriously full of horse hooey. Silverman is not running for chief judge. There is no "necessary majority of circuit judges." I could give you the count of who is committed to who and who is waiting, but that takes the suspense out of this.
ReplyDeleteallowing people to vote in the nude will bring back to life the whole "hanging chad" debacle.
ReplyDelete9:14 PM, ohhh, good grief. Suspense is the excuse.
ReplyDelete11:16 PM, good point.