naked capitalism

Martin says:

Since my comment isn’t related to a specific current article I thought I’d post here. Just some additional anecdotal evidence of credit contraction. My credit limit was just cut from $17,600 to $9,000 on an MBNA card (FIA card services). It used to be Wachovia branded but Wachovia cut it’s cord on it last month and I’m going to get a rebranded card in the mail. When I called to ask why they cut the limit they said it was due to low usage ($2000 max over past 12 months)

I saw the following quote in the Treasury “whitepaper”:

“The BHCs also were asked to project losses on loans that could be drawn down from unused credit commitments in place as of year-end 2008…” (http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20090424a1.pdf pg

I made me curious as to whether the credit reduction (which my card issuer also said they haven’t mailed a notification on yet but would be “soon”) was part of a mitigation effort by B of A due to the results of the stress test. Since I haven’t been mailed the notification (which I also thought was illegal), I assume the reduction was very recently, but I can’t say if it was general credit conditions, related to the Wachovia change-over or something else to cause the reduction. All I know for sure is it wasn’t something related to my personal credit as there have been only positive changes to that in the past 3+ years.

Doc Holiday says:

Top thoughts:

1. Team Sarah, a social networking site of nearly 70,000 of Gov. Sarah Palin’s supporters, is hoping its members have a shot at derailing the nomination of Kansas Gov. Kathleen Sebelius as the president’s Health and Human Services secretary

2. As the cable networks went 24/7 with influenza coverage Monday, liberal bloggers went after Republican Sens. Susan Collins and Arlen Specter for working to slice $780 million in pandemic planning funds from President Barack Obama’s economic stimulus package.

A spokesman for Collins seemed to shift some of the blame to the Obama administration, noting the unfilled seats at the Department of Health and Human Services. The Service Employees International Union, in turn, blamed Senate Republicans for a delay in confirming HHS nominee Kathleen Sebelius.

3. According to the research of epidemiologist Donald Henderson, who directed the Department of Health and Human Service’s Office of Public Health Emergency Preparedness after Sept. 11, as much as 25 percent of Congress could eventually become infected.

But Henderson says it is unlikely that the Capitol building would be completely shut down or that Congress would be dismissed.

Swine flu has D.C. pointing fingers4. As you know, Senate Republicans have been filibustering Sebelius over lingering questions about her views on late-term abortions and some campaign contributions she received from an abortion doctor. Late last week, the Senate Dem leadership announced that in the face of GOP opposition, they had agreed with Republicans to bring Sebelius’ confirmation to the floor for a vote tomorrow that would indeed require the 60 votes.

The outbreak of the flu epidemic had led some Dems to hope that the GOP would drop their filibuster, which would mean the 60 vote threshold would no longer apply. And even GOP Senator Susan Collins called for the Senate to expedite her confirmation today.
Want to know why? Sargent explains it succinctly:
Bottom line: The filibuster over an abortion controversy is still throwing a hurdle in the way of this nomination, despite the flu epidemic.

http://www.americablog.com/2009/04/gop-wont-stop-filibuster-of-sebelius.html

Meanwhile, Rome burns… and Republicans continue to procreate:

See: Mark Foley

jbmoore says:

If the scientists are correct, the flu virus is temperature sensitive. Heat kills it which is why flu strikes primarily in the winter months. It could just be a local outbreak in Mexico. The infected people in the U.S. are likely travelers from Mexico. Since summer is just around the corner, the chances of this virus blooming into a wolrdwide pandemic are likely to be hype for the time being. This may change when winter comes along, but for now a swine flu epidemic is likely to be overblown because the virus will have a lower half life outside of the host due to higher environmental temperatures. We are likely on the tail for now.

http://en.wikipedia.org/wiki/File:Spanish_flu_death_chart.png

Doc Holiday says:

Swine shorts look to bankers for TARP Bonuses

Chicago Mercantile Exchange lean hogs Monday finished sharply lower, and June through July closed limit down, on swine-flu fears, negative fundamentals and U.S. stocks’ setback.
Pork bellies also closed down hard with May and July limit down. Live cattle and feeder cattle ended lower.
Lean hogs fell out of bed soon after the opening alarm that was sounded by the U.S. and Mexico swine-influenza outbreak. The virus killed more than 100 people in Mexico and produced 20 confirmed cases across parts of the U.S.
Word that countries such as Russia and China temporarily barred U.S. pork imports also sent lean hogs into a downward spiral.