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Wednesday, January 7, 2009

Great Recession Roundup — January 7, 2009

Items of Interest:

See how many double entendres you can find for this story.

Larry Flint: Porn industry seeks federal bailoutCNN:
Porn industry seeks federal bailout — WASHINGTON — Another major American industry is asking for assistance as the global financial crisis continues: Hustler publisher Larry Flynt and Girls Gone Wild CEO Joe Francis said Wednesday they will request that Congress allocate $5 billion …

Ed Morrissey / Hot Air: Shocker: World's oldest profession not recession-proof
Ron Chusid / Liberal Values: Porn Industry Needs Stimulus
Thoreau / Unqualified Offerings: Farce, reality, who knows anymore?
Denise Williams / Political Machine: Porn Industry to Request Bailout
Roy Edroso / Runnin' Scared: Larry Flynt Request $5B Porn Bailout
Undeniable Liberal / WTF Is It Now?!?: Who Needs a Stimulus Package???
The Big Picture: Porn Industry asks for TART Money
Will Bush support Porn industry seeking federal bailout?Related:
Amanda Terkel / Think Progress:
Porn Industry Goes Limp, Seeks $5 Billion Federal Injection — When President Bush announced his economic stimulus in January 2008, he bragged that his package was the “right size” and would “boost” the economy: … Bush's package
did stimulate spending...in the adult pornography industry...
The Jed Report: Bush & The Porn Bailout
This Bailout Stirs Up Tabloids

Hustler publisher Larry Flynt and Girls Gone Wild CEO Joe Francis request $5 Billion bailoutTMZ.com:
Porn Kings to D.C. - Help Us Through Hard Times — Joe Francis and Larry Flynt claim the economy has made America's sexual appetite go limp, so they're going to the one place where sex is always rampant — Congress. — Flynt (the “Hustler” guy) and Francis (the “Girls Gone Wild” dude) …
PR Newswire:
New York Times:
$1.2 Trillion Deficit Forecast as Obama Weighs Options -- Changes in Social Security and Medicare will be central to efforts to bring federal spending in line, President-elect Barack Obama said on Wednesday, as the Congressional Budget Office projected a $1.2 trillion budget deficit for the fiscal year...
Madoff got $250 million before arrest from Carl Shapiro -- Ten days before his arrest, Bernard Madoff received $250 million from entrepreneur Carl Shapiro, one of his oldest friends and biggest financial backers, the Wall Street Journal said, citing people familiar with the matter.

It isn't clear whether the sum received by the disgraced financier was a loan or an investment, the paper said.

Madoff told the 95-year-old Shapiro that he would be paid back quickly with interest or a gain, but none of the money was repaid, the paper quoted its sources as saying...
Mortgage applications dip despite low rates -- Applications fell 8.2% in the week ended Jan. 2 after hitting a 5-year high the previous week...

Fixed 30-year mortgage rates averaged 5.07% in the week, up from 5.03% the prior week, according to the MBA's survey. The rate has plunged from 6.47% at the end of October, mostly after the Fed announced its intentions.

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia