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Opening Bell: 10.02.08

House girds for second try on financial rescue (AP)
So now it goes down to the House of Commons, where all the principled right-wingers who voted against the first package, can now explain their desire to see a way more bloated, ridiculous bill pass. Yeah, that should be real fun. No doubt the Republican leadership Boehner and the other guy and Cantor are going to have one hell of a time whipping their base on this one. We're not convinced it passes.
Futures pull back after Senate bailout plan vote (AP)
2008 Presidential Election Winner (Intrade)
Now this is starting to hold fairly steady -- McCain has stayed at around .35 on the dollar for awhile, as his chances slip away every day the Iraq War is not the central issue of the election. That being said, we've totally bought into the "Palin can't lose" notion for tonight's debate. You know, cause of lowered expectations. It also signals what media wonks we are. As soon as we're done with this, flippin' over to some MSNBC.
UBS Has `Small' Profit, Reduces Mortgage Holdings (Bloomberg)
We wish we could say this felt like an "end of the tunnel" moment. But unfortunately it feels more like a "cracks in the tunnel" moment, and the light is shining in where it shouldn't be. Anyway, UBS (UBS!) actually reported a profit. Not a profit once you factor out the losses, but a small, sliverish profit. Ostensibly that means they ended the quarter with more money than they started with. The company said it's reduced its exposure to the US mortgage market. It was UBS' first profitable quarter in over a year. Sidenote: despite all of this, more layoffs are still coming.

US Prime Auto Loan ABS Losses Reach Record High (Research Recap)
Here's some good news? It looks like? We don't have to worry as much about securitized auto loans as we do home loans. Even though losses have piled up, they're performing steady and not as leveraged. We think?
Why a War on Virtual Gold Sellers Makes No Sense (GigaOM)
We agree. Although we'll take it one step further and just say "war makes no sense". Sacrificing human lives for some result that could be achieved through less coercive. It's just no good. And we certainly don't advocate war for gold, let alone virtual gold, let alone virtual gold sellers. And in all serious, we buy into the economic arguments that a virtual world, such as World of Warcraft, need not worry about gold harvesters and traders.
Tough Task Lies Ahead (Poker Journal)
Daniel Negreanu has made the final table of the World Series of Poker Europe.
Google Blog Search Business
Check it out -- Google Blog Search has remade its home page to make it a bit more Google Newsish. What that means is that now top stories on blogs are prominently displayed, along with the other blogs that linked to it. Should be interesting. Maybe. Anyway, the above link is to the business sub-section, so that's cool. The top story there is: "Fat Cat Buffett Invests $3 Billion In General Electric".