From the report:
Net holdings of government-guaranteed loans increased by $757.4 million.
Another ¾ of a billion out the door. Who got this money? Answer: The same characters that have gotten the "Free Money" since O/Timmy G. took control. The breakdown of the DOE advances and the pricing:
At the top of the list is a modest $3mm to our pals at Solyndra. Note that this was done on 7/15; just six-weeks before the lights went out at SOL. How about the % rate? 0.89%. We will never see a dime of the interest or principal on this advance. Nothing short of a joke; a bad one at that.
There was a total of $89,500,000 of other new loans to solar related projects. The DOE guaranteed loans now total a tidy $6 billion. That number will surely rise next month.
Ford gets another $163 million. Just what is it we are doing with Ford that requires this much money?
Unrelated to the DOE and the solar loans are the HOPE NOW BONDS. This is the money that will be used to facilitate a mortgage ReFi that I anticipate a formal announcement on in a matter of days. Note that the $491mm was rolled over at a rate of 0.01%. Nearly half a billion dollars is outstanding. The cost is only $4,100 per month.
The Federal Reserve has recently announced that it will be increasing its surveillance of blogs. (They are already doing this in a big way) See FTAlphaville and Zero Hedge.
I have no doubt but that the Treasury Department is already doing the same. I have a message for those folks who are looking at the alternative press and the information they keep coming up with.
You’re Not Watching Us. We’re Watching You!
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I welcome the heightened attention from Treasury and the Fed. They need to hear more of what smart people are saying outside the bubble. This development might even coax some people from the veil of pseudo-anonymity. The fact is many of the comments at the leading blogs are from people with similar Ivy League/Goldman/McKinsey-type backgrounds. One of the great features of this medium is the space it creates to argue ideas rather than brandish credentials. But there comes a time to fight fire with fire: the economics-industrial complex operates with as little intellectual accountability as the kind you tend to highlight in your blog. One need only watch the WSJ interview with Fed wannabe Peter Diamond for today's affirmation.
ReplyDeleteWhen I was at the Treasury Department for the first Blogger Summit in November 2009, I was the last to leave, partially because I wanted to see the detailed portraits of all of the Treasury Secretaries.
ReplyDeleteWhile I was walking past the Treasury PR flacks office, an aide walked up to the PR flack and said, "Here's another blog post." He said, "What are they saying now?"
Yes, they read us. Especially if we have any following.
Re; Yes, they read us.
ReplyDeleteWhat? They expect us to remain quiet about their profanity of what America values? America is a free nation that votes for leaders to represent the people. They not only do not represent the interest of the people but of banks, the money changers, and interests of greed, but hide their filth under the carpet.
It stinks. So we look at what is this stink going on. One day, we are no longer going to tolerate this stink, and they will all have pink slips to show for their shenanigans.