Here’s Kent Engelke, explaining the math he used to come up with that prediction. Take the 7% of presidents who have been impeached or resigned, ignore the fact that 0% of impeached presidents have actually been removed from office, then add 3%, just for the hell of it.
“If ObamaCare is the fiasco that some headlines are suggesting it is, I place the odds around 10% the president will resign before next November’s election,” said Kent Engelke, managing director at the brokerage Capitol Securities Management. Engelke, who has more than 27 years of experience in the securities industry, says he got the 10% number from a simple calculation: 7% of all U.S. presidents faced impeachment or resignation (Presidents Andrew Johnson and Bill Clinton were impeached, while President Nixon resigned). He adds in another 3% due to the heightened animosity between president Obama and Republicans in congress.
And here’s Dick Bové, acting as the voice of reason on this one. Read more »
When President Barack Obama dropped by Lawrence Summers’s going-away party in 2010, he presented his National Economic Council director with a pair of suspenders, a gag gift to help Summers hold up his perpetually sagging trousers. The gesture was meant to tease Summers, known inside the West Wing for a mix of awkwardness, abrasiveness and brilliance, according to current and former administration officials, who say Obama regards him with both affection and exasperation. As Obama ponders a potential successor to Federal Reserve Chairman Ben S. Bernanke, his familiarity with Summers, 58, may give his onetime adviser an edge over Fed Vice Chairman Janet Yellen, whom Obama has scarcely met, the officials say…Summers worked in the Clinton administration throughout both terms. After he joined Obama’s White House in 2009, he was passed over for the Fed chairmanship when Obama decided to reappoint Bernanke in August of 2009. Smarting over the decision, Summers phoned Emanuel on his vacation for a discussion that led to increased presidential access. Among the pleas that Summers made: a seat at the table at cabinet meetings, a chauffeured car, and Secret Service protection, according to the officials “I would characterize them as requests, not demands,” said Emanuel, who declined to enumerate all the specific ones that Summers made. “He did want to be at the cabinet table,” he said. “If I’m not mistaken, that was granted.” Summers’s petition for a so-called “portal-to-portal” service wasn’t allowed. The White House’s supply of cars with drivers had already exceeded demand. [Bloomberg]
Last evening at Columbia College Dan Loeb, among others, was given the John Jay Award for Distinguished Professional Achievement. In his speech, the Third Point founder spoke of happy times, like his days at Columbia, spent taking economics classes and reading the texts of Don Quixote, Epictetus, King Lear and Candide, and his nights spent conversing with friends “about girls or dreams or aspirations but often about those very great books or art, which we all internalized and helped for the fabric of who we are today.” He spoke of transformative times, like when fellow Columbia grad John Jay helped get slaves emancipated in New York. And he spoke of dark times, like the ones we’re currently living through. Which, while harrowing, do lend themselves quite nicely to verse. Sayeth Loeb: Read more »
Well, okay, it wasn’t exactly a layoff in the strictness sense of the word, more like an entirely voluntary resignation by Rick Perry’s son from his job at Deutsche Bank so he could go campaign with dad, but Momma Perry interpreted that as Griffin Perry ‘losing’ his job thanks to that damn Obama guy [shakes fist] so just go with it. Same diff/no diff. Read more »
Since Bank of America announced it’s intent to charge $5 fees on debit cards holder choosing to use their debt card in any given month, the Charlottte-based bank has been on the receiving end of a whole lot of shit. Obama tut tutted the move, Dick Durbin told customers to “get the heck out of that bank,” and a purse-wielding Fox Business anchor vowed to “show Bank of America just what I think of their fees.” For a while, Brian Moynihan held his tongue, refusing to respond to the haters. Today, his spirits diminished but not yet broken, he found his voice. Standing up for himself, for his employees and for his teammates on the company softball team, Moynihan let the world know that BAC is a person, BAC has feelings, BAC has a right to express itself, BAC can make its own decisions and BAC doesn’t have to answer to you or to anyone! Read more »
As you may have heard, President Obama will unveil a jobs package tonight that expected total more than $300 billion. Some would say that’s a nice hefty number, one that indicates Obama is serious about getting the economy back on track. Others beg to differ. For example, Bill Gross. The PIMCO adviser is not impressed. “I don’t think $300 billion does it,” Gross said today in an interview with Bloomberg TV’s Tom Keene. “I would like to see something bold.” Unfortunately, Gross didn’t detail what he would consider bold, leaving Obama to play mind reader. Read more »