I wonder what they’ll discuss. In related news, Pelosi has responded: “We delivered on our end of the bargain…but the legislation has failed. The Republican caucus has not gotten the message. The crisis remains.”
Update: Bushie says, “We put forth a plan that was big because we got a big problem…we’re going to attack this head on.”
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Holidays with the aunts and uncles?
Pelosi, Boehner, and rest of House leadership will be there. I don’t think Paulson’s going to be getting down on one knee this time.
beard is broke. they’re out 600b out of 800b on the books. that why they needed 700b. prob will increase his book.
Prediction: Paulson starts ripping off the noes’ arms and beating them into submission.
too alliterative, didn’t read
Anyone have any insight on what the CP market looks like tomorrow, when you have all the paper rolling?
Anyone have any insight on what the CP market looks like tomorrow, when you have all the paper rolling?
Play the game, Harding. Play the game.
I just turned on CNN to see what the world thinks of this –
Verbatim, this was the tease, “Coming up after the break, Pelosi and Frank talk about the failed bail out and Sarah Palin discusses cheese steak.”
She is in Philly.
Seriously – someone wake me up when the grown ups get back.
glad I stocked up like one of the crazy goldbugs last week, though i may dump it on the upside move right now
Anyone have any idea what Associate #’s will look like in the middle buckets?
Anyone have any idea what Associate #’s will look like in the middle buckets?
Congress is more broken than any bank.
Can I short Congress?
@11
what buckets?
bloomberg just reports: $1 TRILLION in market cap wiped out today (and rising)
hows that compared to the 700b “bail out”
@9 cheesesteak? with cheese whiz?
top buckets=top performers.
middle buckets=middling performers.
and so on…
700 point, bah, that’s weekly volatility these days.. no big deal, nothing like 87….
put 700b in this bag and nobody gets hurt. i would default on sovereign too now that we’re at it. let’s finish this quick.
why can’t jerry weller figure out how to vote?
all the people here whining about -700, -1000 get a clue. Even if we get a repeat of 1987, history has proven we’ll get through this. I would rather the weak be removed from the system quicker so that we can shorten the agony.
A sign of the times
http://tinyurl.com/4mdx2w
The roof, the roof, the roof is on fire. We don’t need no water. Let the motherfucker burnnnnn!
Dumbshits.
umm…. sovereign bank? ruh roh
Well, Nancy, you got what you wanted.
The Dems are all about class warfare, so now you are seeing the effects of it as the common man has no desire to bail out the fat cats of Wall Street.
(Nevermind that the bill is the only thing that stands between today and Armageddon for Main Street.)
Well, its over for us on the street. But good news…there is always truck driving school.
Traders don’t lose money. Models lose money.
26 “armageddon”
gimme a friggin break
no one is going to even miss a hot lunch
what a bunch of pusstards
93 Democrats on the NAY.
Pelosi should resign. This woman is a disaster.
On the plus side. this bill is crap and the idea that the $INDU is the determination on the health of the country is crap
The $INDU as indicator of the sheep. Smart Money is getting ready to buy.
America may actually have people who want to fix the debt, defend the dollar and return to free market principles that you can trade on.
hey 32 -
asset bubble – stocks are still overvalued
Anyone who counts on ever-increasing equity prices is a fucktard
I’m just a risk averse weenie with a jumbo CD in a credit union
700pts was the bid-ask back in my day… buck up
Call up IT, have them set the credit card networks to ‘decline’ and see how long Main Street still thinks this is a bad idea. Call it a trial run.
I lose money!!
28 But we would have earned it back and more as a result of the bailout.
at 3:33 PM ET on the House floor: Some Rep (did not get his name) was saying that this “Financial Markets Bill” will be reconsider again on Thursday in the House.
@32:
Bullshit paper wealth?
Ok, dig into your pocket and take out your wallet. Take out the dollars that you have in there. What are they made of?
Paper.
The dollar is just as much “bullshit paper wealth” as equity value.
At the end of the day, the Treasury could default on our Chinese masters….not saying it’s a good idea, but the dollar (and every other currency, stock, bond, etc.) is inherently, essentially “bullshit paper wealth”.
Buckets? Youre talking about buckets (jim mora voice)?
nothing but one big puddle by the end.
Let’s just start over.
Somebody is drinking my milkshake
@ 40
got gold?
http://bespokeinvest.typepad.com/bespoke/2008/09/746-billion-dow.html
congrats congress.
http://bespokeinvest.typepad.com/bespoke/2008/09/746-billion-dow.html
congrats congress.
have the dems learned anything yet
Standards not just in lending but schooladmissions are there for a reason.
there is no free lunch.
Social Sec, MediCare , and Madc Aid will also end badly
just like the USSR
Whomever that is, he is certainly no Clay Aiken
i’m no fan of dems but they don’t get the blame here…its the bible-thumping, nascar-following, fox-news watching wing of the republican party
so what happens tomorrow?
49 Sure is. And the small gov wing might now finally learn the peril of aligning themselves with such trash.
For those people who are whining about the failed plan, stop. Your whining is pissing even the veteran me.
Wall St will be better off without this short term band aid. If anything, it’ll only serve to prolong the misery.
Thanks but no thanks. I rather they do a quick death.
@52
“they” = “we”
Sorry to the majority of the whiners who did not foresee this move, the smart money has already anticipate this, so nothing to whine here, move along.
you’re confusing a temporary market dislocation from a permanent case of ultimate moral hazard.
The former is one day’s pain (maybe one week’s or one quarter’s). Severe pain, yes, but it won’t kill the patient.
The latter could send us into an economic malaise that could last a decade or more, like Japan’s.
Hey, leave Nascar out of this. Besides, Nascar and Wall Street seem to have a lot in common – monumental crashes….
Screw Bald, Beard and Bush..its time to do the right thing. It is time to move to another racecourse and let the runners and riders and the bookies carry on betting on a bunch of three legged horses with old women as jockeys. Here’s the plan, fresh thinking, time for a change!
The plan will be a FOAB (father of all budgets) TRIP (trillion plan).
The deal will be to get the old farts in congress to be heros. Invest one TRILLION dollars in infrastructure (roads, railways, airports, nuclear power stations, fibre optic cables) and it will handled within budget! How?? I hear you scream…easy! Rein in the Pentagon spending from its current 600 billion a year by 100 billion a year until it hits 200 billion and spend it on infrastructure, modernising america to make it a country the envy of the world (again, rather than a wannabe Brazil/Argentina/Korea of yesteryear). Next, save all the tax payers who woudl have been defrauded of their money.
Exactly who on main street is going to be fooled by the plan to bail out screw ups in finance? Why should tax payers bail out the finance elite who have creamed 500 billion of bonuses over the last ten years to produce zero wealth?
Next part of the plan (having only created 300 billion so far) borrow 700 billion from china, russia and saudi arabia and bring in 5 million of them into the states to help build out the infra. The taxes they will pay and the expertise they will bring for large projects (since america is unable to come up with infrstructure planning at the political level) will result in extra tax revenue from them and the 2 million jobs it will create of at least the other 700 billion. Ta da..ten minutes..no late nights..isnt thatbetter?
33 – The problem is that for every one of you higher life forms who understand this, there are fifty dumb fucks who see the government giving people who make more in a week than they will in ten years more money than they could even imagine.
And each one of those dumb fucks has a vote and it counts just the same as yours.
More, since dumb fucks tend to vote, especially when they’re pissed off, at higher rates than educated people. Also, intellectuals rarely tar and feather people. Dumb fucks are known to do this. It doesn’t matter how smart you are. You. Are. Outnumbered. Win, lose, or draw the teeming masses are going to get what they want and they are going to get it good and hard. Get over it and find something else to worry about.
@53
I don’t buy this fear-mongering bullshit. We’ll be fine. If anything, I have enough to retire comfortably at this moment.
Screw Bald, Beard and Bush..its time to do the right thing. It is time to move to another racecourse and let the runners and riders and the bookies carry on betting on a bunch of three legged horses with old women as jockeys. Here’s the plan, fresh thinking, time for a change!
The plan will be a FOAB (father of all budgets) TRIP (trillion plan).
The deal will be to get the old farts in congress to be heros. Invest one TRILLION dollars in infrastructure (roads, railways, airports, nuclear power stations, fibre optic cables) and it will handled within budget! How?? I hear you scream…easy! Rein in the Pentagon spending from its current 600 billion a year by 100 billion a year until it hits 200 billion and spend it on infrastructure, modernising america to make it a country the envy of the world (again, rather than a wannabe Brazil/Argentina/Korea of yesteryear). Next, save all the tax payers who woudl have been defrauded of their money.
Exactly who on main street is going to be fooled by the plan to bail out screw ups in finance? Why should tax payers bail out the finance elite who have creamed 500 billion of bonuses over the last ten years to produce zero wealth?
Next part of the plan (having only created 300 billion so far) borrow 700 billion from china, russia and saudi arabia and bring in 5 million of them into the states to help build out the infra. The taxes they will pay and the expertise they will bring for large projects (since america is unable to come up with infrstructure planning at the political level) will result in extra tax revenue from them and the 2 million jobs it will create of at least the other 700 billion. Ta da..ten minutes..no late nights..isnt thatbetter?
ok 400 billion in savings on the pentagon! hey it was only 10 minutes!
I think @59 went to Wharton with ALL CAPS
@43
Was yelling that while drunk all Saturday night
@57. I would like to short democracy. Can you or LoSC recommend an appropriate instrument (DJIA index?)?
heh..i still reckon we could come up with a better plan than paulson and diverting main street taxes into wall street
63: Smallarms manufacturers. Gold. Silver. Cheap foodmakers (Whoever owns Hormel, etc.) Dollar Stores. Tire retreaders. (Bridgestone just bought Bandag, or I’d be all over that one.) Slumlords. The possibilities are endless.
@65: Payday Lenders.
@65: Payday Lenders.
66/67: D’oh! Nailed that one, I totally missed it. Title lenders, too (those guys who loan on your car title.) Low-cost auto insurers. Pawnshops. (I think there’s at least one national pawnbrokerage that lists on an exchange.)
But NOT CC issuers, those guys are screwed especially when things go to shit and the bankruptcy code is changed to dump it all in their laps.
How exactly is this republicans fault if her speakerness couldn’t even get 90 folks in her own party to vote for it?
Let’s just say what everybody is thinking: Worst Speaker Ever! How exactly do you rally people to the cause by insulting them? Emergencies shouldn’t be partisan, should they? Well, Ms. Pelosi found a way. Nice job, asshat!
I think economists believe that Japan’s economic problems lasted for 10 years because the national legislature failed to act during the onset of problems.
If you think this is nothing more than “tough love” for the country, think again. Good doctors don’t let patients suffer because first, it is inhumane, and second, suffering can lead to death from unalleviated stress on a weakened body.
I cannot believe the “blame Pelosi” crap. The people who voted against the rescue plan don’t have individual moral responsibility for each of their votes? What about the lack of persuasiveness of the President, Henry Paulson, John McCain, and on down the line of the Republican leadership?
71, *I* think economists believe that Japan’s economic problems lasted a lot longer than that because the government wouldn’t force the banks to flush the bad debt out of the system and free up the credit markets again.
If we bail out the MBS debt, what about all the ARM’s that come due NEXT year… and the year after that… and the credit card defaults… and the car loan defaults… and the zillion other bubbles in the process of deflating? We don’t have enough water to put out all those fires. We can print our way out, or we can lump it. Those are our options. They both suck, but at least lumping it is harder on the people holding the bag.
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