News that couldn't wait – Paulson considering bailout of insurance companies UPDATED Will US have a pot to pee in if Paulson keeps spending on his friends?

UPDATE: An afterthought of finding more versions of this story as I continued reading tonight is that a better title for this post might have been “Will the US have a pot to pee in if Paulson keeps spending on his friends?” (see the updated news below)

I picked the story up over at All finance and couldn’t wait wait to get it up – not to mention it makes me sick to think about Paulson using some of the taxpayers money to bailout the insurance industry’s bad investments.

The U.S. Treasury Department is studying how it could give relief to insurance companies under a $700 billion financial services rescue package, two sources familiar with the deliberations said on Friday.

Last week, the Treasury tried to squash rumors the government was preparing to give bond and mortgage insurance companies a capital injection. But senior officials are considering how the Treasury might be able to aid state-regulated insurance companies, the sources said.

The Treasury so far has used capital powers to aid only federally regulated institutions. But the program, known as TARP, could be used to buy sour assets from other financial companies and help them scrub their balance sheets.

It takes a sick mind to come up with TARP as the name of a program to bailout the insurance industry – CRAP would be my suggestion. Continue reading “News that couldn't wait – Paulson considering bailout of insurance companies UPDATED Will US have a pot to pee in if Paulson keeps spending on his friends?”

News that couldn’t wait – Paulson considering bailout of insurance companies UPDATED Will US have a pot to pee in if Paulson keeps spending on his friends?

UPDATE: An afterthought of finding more versions of this story as I continued reading tonight is that a better title for this post might have been “Will the US have a pot to pee in if Paulson keeps spending on his friends?” (see the updated news below)

I picked the story up over at All finance and couldn’t wait wait to get it up – not to mention it makes me sick to think about Paulson using some of the taxpayers money to bailout the insurance industry’s bad investments.

The U.S. Treasury Department is studying how it could give relief to insurance companies under a $700 billion financial services rescue package, two sources familiar with the deliberations said on Friday.

Last week, the Treasury tried to squash rumors the government was preparing to give bond and mortgage insurance companies a capital injection. But senior officials are considering how the Treasury might be able to aid state-regulated insurance companies, the sources said.

The Treasury so far has used capital powers to aid only federally regulated institutions. But the program, known as TARP, could be used to buy sour assets from other financial companies and help them scrub their balance sheets.

It takes a sick mind to come up with TARP as the name of a program to bailout the insurance industry – CRAP would be my suggestion. Continue reading “News that couldn’t wait – Paulson considering bailout of insurance companies UPDATED Will US have a pot to pee in if Paulson keeps spending on his friends?”

State Port Expansion Plan Gets Editorial Support….

With advance apologies to our tireless and noble affordable housing advocates, who else in their right minds wouldn’t get behind the Gov on this one. It is so over the top and visionary there is simply no way the new port master plan can be denied. Plus it isn’t a half bad booby prize for having several shipping containers on my land for months following Katrina along with rotting chicken and pork bellies.

Six weeks after the unveiling of what could become the most ambitious economic development project in the state’s history, the five members of the State Port Authority at Gulfport are poised to take action.

Don Allee, the executive director of the port, said the commissioners have called a special meeting for 8:30 a.m. Friday at the port authority’s offices in the Hancock Bank Building in downtown Gulfport. The only item on the agenda is the spectacular vision for the port’s future that was first shared with the public in early September. Continue reading “State Port Expansion Plan Gets Editorial Support….”

Meantime the News Everyone Down Here is Talking About

That would be the 12 foot alligator that was caught on the beach by St Stanislaus yesterday. It must have been coming to the marsh for the winter and made a wrong turn at the new Bay bridge. It’s tail just may end up at a food booth at the NOLA Jazz Fest next April. Now if we could only figure out how to get people to eat Nutria….

Authorities speculated the alligator may have left Cat Island or another barrier island, and come ashore across the Bay of St. Louis and the Mississippi Sound.

“The consensus is that they are leaving their homes on the islands and swimming in,” Necaise said. “Poor old boy, when they get this big, they can become a threat.” Continue reading “Meantime the News Everyone Down Here is Talking About”

Inquiring Minds @ Folo Want to Know

About Judge Gibson’s removal as Hancock County Youth Court Judge. I personally consider my long time friend and occasional commenter Steve as an authoritative source on such questions as his dad ran Youth Court for many years in the Bay. Lotus ran him off Folo some time back.

This would be a family matter so I’ll not repeat what I heard beyond saying that I think highly of Judge Alphonso, former Judge Gibson and her replacement Brehm Bell, who is a gifted and highly ethical trial lawyer. Change and politics are sometimes synonymous.

sop