Posted on 09/30/2008 2:21:50 PM PDT by Rufus2007
Since the $700 billion bailout plan went down in the House of Representatives by a 228-205 margin, talking heads and politicos have been looking for ways to circumvent Congress and give the executive branch the authority to perform a bailout without their consent.
Republican presidential nominee Sen. John McCain, R-Ariz., first made the suggestion to NBC News correspondent Kelly O’Donnell. His senior economic adviser, Douglas Holtz-Eakin, later confirmed to MSNBC that McCain said Congress has already given the Treasury Department authority to bail out Fannie Mae and Freddie Mac to the tune of a trillion dollars.
..more (w/video)..
(Excerpt) Read more at businessandmedia.org ...
So does McCain support this???
Might as well swear in Obama right now. McCain is such a little turd.
I think we are still gonna get screwed. They will do anything they have to do to socialize the financial system. The debate thursday night will cause these unpricipled looters to act before the debate. They do not want the candidates to be asked any hard queastions. Just general talking points. We deserve the government we have.
What's next? Suspending the election? This USA or Venezuela?
Market Update
4:20 pm : Tuesday’s session marked the S&P 500’s best day in six years after having its worst day in 21 years on Monday. Buying interest was fueled by short-covering, bargain hunting .
The stock market settled near session highs will all ten sectors posting a gain. Financials led the way with an 13.1% gain, followed by a 5.8% rise in energy stocks. The utilities sector underperformed on a relative basis with a gain of 1.3%.
The S&P’s advance of 58.34 points, or 5.3%, is more than half of Monday’s plummet of 106.85 points, or 8.8%. The catalyst for the selling on Monday was a rejection of the financial relief bill by the House of Representatives, which sparked concerns that the increased turmoil in the credit markets would weaken the broader economy.
To that point, credit markets did in fact tighten further. Overnight dollar Libor — which measures the rate banks charge each other for overnight loans — spiked 431 basis points to 6.88%. Libor increased across all terms, which range from overnight to 12 months, indicating that banks were very reluctant to lend to each other.
The Fed’s aggressive measures to increase liquidity, including a $20 billion 28-day repo operation earlier this session, did have some benefits as the session progressed. Prior to the stock market open, the fed funds rate — which is the interest rate that depository institutions lend their Federal Reserve balances to other depository institutions — rose as high as 7.00%, according to Reuters. The rate then retreated to 1.50%, which is below the Fed’s target rate of 2.00%.
Back before Bush was elected, in my conspiracy days, I recall reading an article that predicted W would be elected, re-elected and there would be an emergency toward the end of his term that would allow suspension of elections...Bush was to be the last president as we know the title.
Anyone else recall reading this? I forgot where I read it.
The federal reserve does it every day.
Is it true that Russell Crow told Jay Leno that the government should give all Americans 1 million $ ???????
I heard a new political ad in my state today and it was about STEM CELL RESEARCH!!!! WTF?!?!
John, get your head out of your A$$ man!!! The democRATs are playing for keeps and you are just fiddling around!!!!
GET OUT THERE MAN AND LEAD!!!!
Sheesh.....
He shouldn’t support this at all! Not after the corruption at Fannie Mae and Freddie Mac! NO bailouts!!!!!
No - we have to import our oil. More like Cuba.
Doesn't he realize that 3/4 of the people do NOT want this bailout?
Why won't he back the brave house Republicans and come out against this boondoggle and come up with something more sensible?
Where is our leadership? Between Jorge and Juan, we are up the creek without a paddle.
Listen to the people, or just sink! This is supposed to be a government of the people, by the people, and for the people. The people are talking now, so listen, or leave.
Exactly right! People seem to have missed your comments so I am highlighting them again.
Have faith.
Yesterday the Fed infused markets with $630 billion in capital. This comes after the $300 billion for Fannie and Freddie. Plus the capital for Bear Stearns and the $85 billion loan to AIG. As far as I know, none of it was approved by Congress. Which makes this bailout option of WallSt even more political driven.
Then why is he out there saying congress needs to get this thing done?
“”His senior economic adviser, Douglas Holtz-Eakin, later confirmed to MSNBC that McCain said Congress has already given the Treasury Department authority to bail out Fannie Mae and Freddie Mac to the tune of a trillion dollars.””
Where in the Bailout bill does it say that it is limited to Fannie or Freddie? Nowhere. The bailout isn’t limited to real estate either.
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