Hey guess what? Nothing’s happened yet. Thought we’d be super helpful and point that out. Continuing to be sheeple, here’s something else that should already be obvious: the clock is ticking! Congressional leaders led by Barney Frank, Republican Rep. Roy Blunt of Missouri, Democratic Sen. Christopher Dodd of Connecticut and Republican Sen. Judd Gregg of New Hampshire “locked themselves in a room” starting at 3 today and Gregg told the Journal “once we get into that room we are going to stay there until we have an agreement.” Apparently the “agreement” had less to do the bailout and whether or not to make “Seersucker Thursday” mandatory (they decided yes), because those participating are said to be currently “taking a break” and we do not yet have anything re: rescue package. Nancy Pelosi and Harry Reid both expressed “hope” that an outline of the plan can be released by tomorrow. According to CNBC, there have been “dramatic improvements” to the original plan. The new version calls for:
* Cutting in half the $700 billion requested and requiring congressional approval for future payments
* Protection for taxpayers, including reimbursement through ownership shares and asset recovery as the plan begins to work
* Limits on executive compensation — no multimillion-dollar golden parachutes, recovery of bonuses paid based on promised gains, shareholder vote on executive compensation for companies participating in the financial rescue
* Ability of government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families
* Transparency requirements, including a provision that transactions be posted online
* Helping small businesses that need credit by allowing small community banks to deduct losses from investments in Fannie Mae and Freddie Mac stocks
What we got here… is failure to communicate….
RIP Mr. cool hand Newman.
Too late; read it a ClusterStock.
SPODE
@spode- and yet you still felt the need to comment here. get a life.
@spode– have you been refreshing db, waiting for the post, just to leave that comment? why don’t you put your talents to better use and actually suck carney’s cock, instead of just via comment.
Hopefully the “agreement” is no bailout.
Fortis is in serious trouble over in Europe… ING is top of the list of JPM type banks to be considered for the job of smothering the implosion…
http://www.iht.com/articles/ap/2008/09/27/business/EU-Belgium-Fortis.php
you know back in the 1500′s we would all get torches and some rakes and storm over to Fuld’s house, play a little slappy face with him, eat the contents of his root cellar, then maybe burn his house down…. ahh the good old days… now we just sit and argue…. how boring
I gotz no talents Bess, you knows that. Like a lot of people I find value at both DealBreaker and ClusterStock and I view both sites as complimentary goods and not competing substitute goods. Time being a scarcity that I will divert from other websites (e.g., Yahoo, Google News, Japan Heat) for Clusterstock. There’s no way I will reduce my DealBreaker time. You’ve helped make DealBreaker a great website and I appreciate your hard work. You no Bess if you keep giving me all this attention peple will start to thinks something is going on between us.
Turn that frown upside down little fighter.
SPODE
@spode…yes, it really is a shame you “already” read carney’s post, which, get a clue retard, took the journal story and spun it into his own, obviously without linking, ’cause he’s got sources (not).
hilarious that you read this speculation as news:
“Gregg is *presumably* briefing fellow Republican Senators. Paulson is *probably* on the phone with Robert Steele, his former deputy at Treasury who is now the head of Wachovia, cursing the fact that he has to deal with all this damned poliiticians while another U.S. bank teeters on the edge of failure.
One thing (among many) that pisses the hell out of me is the failure to acknowledge that “main street” got us into this mess as much as “wall street.” Not once has there been a mention by any politician, pundit or other talking-head schmuck of the irresponsible borrowing by main-streeters or small time real estate speculators that was at the root of all this. It does not take a genius to figure out that, if you cannot afford to make monthly payments based on your current income and the only thing that will save you from foreclosure is an ARM and the assumption of an an increase in the value of your home, you are taking a BIG risk. If somehow the trickery of the main street mortgage lenders fooled you into taking out the NINJA loan, well, maybe the government should take control of your money to fix things so you don’t get us into this mess again.
In my country there is problem. and that problem is finanz
Hopefully Congress is actually planning on working all night. I’m not giving them credit for having a flare for the dramatic on this.
They got less than 24 hours before we’re on again, and it looks like we’ve got a big (i.e. Fortune Global 20) bank failure in Europe pending already.
This should either be a direct re-cap or something to boost confidence. A big package that doesn’t restore confidence (i.e. liquidity) in the credit markets isn’t going to do any good at this point.
Georgia Bulldogs down 31-0. Damn.
Had the stupidity to turn on CNN tonight and listen to Lou Dobbs. I never listen to L.D. but some how tonight, I was transfixed. This guy gets two panels of three to discuss the bail out and not one of the guests supports the plan.
Even the laxest journalistic ethics would require someone with a point of view that differs. It was a nod nod yes yes Lou – 50:1 people out there don’t want the bailout etc.
I was just wondering how influential this guy is in the US. ? What is the real opinion of people in US as to the bailout, not just “pundits”, do people really understand what is happening and is your congress capable of screwing this up totally?
Lou Dobbs is a dolt. No one with a respectable intellect listens to his populist stupidity.
Dude, Fortis clears my fucking trades, are they really going under?
14
Maybe 1/1000 people understands what’s actually going on here, and that’s being generous. Most people don’t even know there *is* a credit market, or why they can’t seem to get out of debt with 20%+ credit cards. I was around a bunch of law students this week, top tier school, and most of them just blanked when I started talking about the cascading credit issues. Some law partners, too.
Most people consequently oppose the “bailout” as giving a really big amount of money to a bunch of people they do not like. About 25% of people realize that market collapse would not be a good thing, 5% have some idea why, and
I am absolutely terrified
For insight into American Republicans for those of you from outside the U.S., go to http://www.freerepublic.com.
Most of those idiots will starve to death if the credit markets don’t get bailed out, but you wouldn’t know that from reading their threads.
I stocked up on cans and jars at the grocery store today
@15
Perhaps you should start reading the Financial Times. Yes, there’s trouble in Fortis. There are several reports from yesterday.
@ spode
the problem @ clusterstock is not Carneys work it is the lack of any form of intelligent comments (and in some cases just a lack of comments). The dope from Australia makes the TGFD look like a genius.
@ 14 Lou Dobbs is a complete short as a journalist. His views on immigration bordered on racist. He is influential for the masses that beleive the American way of life is actual sustainable.
The problem with the majority of people in the USA is that they have been lied to over and over by this adminstration. The lies continued up to 2 weeks ago when Bush claimed the economy was strong. The presidents response to all past crisis’s was to encourage people to shop.
Lets face it when I listened to the congresspeople ask Paulson questions on Wednesday i was astounded at how much they did not understand about the basics of finance and the economy.
The other problem is the general public is more interested in the lives of celebrities than in anything economic. Most don’t read newspapers or watch any sort of news. The circulation for tabloid magazines kicks that of any hard news magazine never mind magazines about the economy/wall street.
Look at the issue of oil because that hit home for mainstreet. Until gas was $4 a gallon, nobody ever questioned whether or not people needed an SUV that gets 6 mtg. Conservation was not an issue. Nobody wants a refinery in their back yard. The answer to this issue according to many is drill, drill, drill. Does anybody say anything about the fact that break even for many of these new project would be at least $70/boe? Does anyone say that actually getting oil from these projects would be about 7 years out? Maybe main street does not want to know these fact but it does not mean that people in positions of power should not be talking to them about it.
The PR on this whole issue has been horrible. The only thing main street knows about wall street is compensation. I can’t blame them for being pissed at bailing out people who have made billions in the last 6 years while they face losing their jobs and houses (and i know they have reponsibility and wall street is also losing houses and jobs) We in the industry have been living this for a year. And still many of us are not sure that Paulsons propsal is the right proposal.However, most in the industry do agree something has to be done.
Clearly the media, Paulson, the president need to talk specfically about the consequences to main street about doing nothing. Not just say Great Depression but talk to them like they are congresswoman Maxine Waters – someone who managed to hit middle age, without knowing what margin is and why banks charge it.
I watched Oprah yesterday (don’t mock happends about 2x a year). It was a show based on current news stories and the lead story was the economy (it was taped yesterday morning). The audience was mostly pissed at the fact that the new CEO of WM got a $7 million signing bonus and had a $10 million golden parachute (he workked for 3 weeks). Nobody explained the details to them. From their point of view a fat cat got fatter while they were being asked for $700B to bail out wall street.
IMO if we get a package it will not be a great package. It may be too little to late. To bad many will not understand this until it hits them in their face.
maybe a system wide reboot wouldn’t be a bad thing… even if this bailout passes, what will pass for “success”? it will only delay the inevitable… the only way to get out from excess debt is to deleverage, there is no way to deleverage without causing a major recession, possibly depression… or completely tank the dollar.
@ 6
Living in Belgium, and blogging Fortis’ failure for months, I never headrd of he ING take-over.
So would you please have the extreme kindness tell me where this rumour is unfounded from?
@23, Here is the quote for ING…
Dutch banking giant ING and France’s BNP Paribas are both involved in talks with Fortis about buying all or part of its business.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4837674.ece