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Deal Reached on Financial Markets Bailout
Breitbart via AP ^ | 9/28/08 | CHARLES BABINGTON and ALAN FRAM

Posted on 09/28/2008 12:30:41 AM PDT by xtinct

Due to AP restriction click link


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: 110th; acorn; bailout; corruption; financialmarkets; paulson; tammanyhall; taxpayerrape; teapotdome; wallstreet
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oh hooray! the government will waive its magic wand and all bad things will become good. no worries everything is taken care of! children go to sleep now mommy is taking good care of you - you pussies.


21 posted on 09/28/2008 1:04:01 AM PDT by Swordfished
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To: drellberg

I don’t put too much stock in monetarism

‘The use of quantity of money as a target has not been a success.’ He (Milton Friedman) added: ‘I’m not sure I would as of today push it as hard as I once did.’ (Financial Times, 7 June 2003).


22 posted on 09/28/2008 1:08:56 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: xtinct
The article says that the chief Senate Republican in the talks, Judd Gregg, R-N.H., agreed that there was general agreement.

But the article also said it was not yet clear how the House Republicans would react.

This could be progress, or this could be a repeat of the false claims of agreement we had Thursday, when McCain announced his return to Washington.

My guess is that we get agreement, it's ugly but less so than Paulson's original 3 page outrage, and the Treasury Bill printing press overheats, but is repaired and kept running, this coming week.

Without this bill, payrolls of a few major companies that depend on commercial paper would not be met this coming Friday, and companies such as GE would have been in the ICU the following week. GM and Ford already got their rescue in the other spending bill. The stock market has been holding up (well, only falling 20 or 30 percent.) But the short term credit markets have collapsed these last two weeks, more dramatically than in anyone's memory.

The New World Order is proceeding apace -- it's currency is U.S.Treasuries. Lots of mortgage backed securities and derivatives and financial stocks currently held by major foreign nations will be swapped for Treasuries.

I predict that there will be a stock market rally Monday, which will quickly turn into either a choppy sideways market, or a violent down draft (another October crash.) Oil prices will hold reasonably close to current levels (the Saudis are voting with their petrol for McCain), recessionary signs will increase but not terribly, and McCain will win. The market will rally into sometime in January, but it will be just a bear market rally, leading into an honest recession (not a 1930's Depression -- just a recession.) Inflation will rise in the next two years as in the 1970's, but not hyperinflation. Unemployment will rise some more, as some companies don't make it through these white water rapids.

23 posted on 09/28/2008 1:09:45 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: drellberg
No real deflation. That only happened in the 1930's, when we were on the gold standard and couldn't print money.

What's happening is that the world's mass of financial paper, the majority of which (100's of trillions) was derivatives based on mortgage backed securities) is deflating -- bubble bursting time. The void is being partially filled by Treasuries, as we set up to go through a recession, and form the base for the next bubble.

24 posted on 09/28/2008 1:15:04 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: xtinct
The govt. is still going to buy up all those distressed mortgages for those who couldn't cut it at being a homeowner or investor.

This after the govt. strongarmed lenders to lend to risky homeowners in the first place. So it's going to cost nearly a trillion dollars at least and the U.S. government gains control over the mortgage industry, with kickbacks to certain Senators and God knows who else.

What a deal! I'm gaining more confidence in system with each passing second. /s

25 posted on 09/28/2008 1:16:35 AM PDT by TheThinker (It is the natural tendency of government to gravitate towards tyranny.)
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To: xtinct

double ditto on ACORN.


26 posted on 09/28/2008 1:16:51 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: TheThinker
I detect a confidence bubble. And we all know how bubbles end ;).
27 posted on 09/28/2008 1:17:50 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: ari-freedom
Actually, once the Fed target rate got down to 2 percent, I suspect the Fed switched from targeting a rate, to targeting the quantity of MZM (Money of Zero Maturity).

When the economy is humming along in an apparently more healthy state, it makes sense to target the Fed funds rate.

In times of severe distress, it makes more sense to target the quantity of money.

28 posted on 09/28/2008 1:20:53 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: xtinct
Another detail is over at Mortgage help for bankrupt homeowners dropped (AP via Yahoo)
29 posted on 09/28/2008 1:24:51 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: xtinct

Peloski’s happy. Reid’s happy. Frank’s happy. Dodd’s happy. Bush’s happy.

They’re not sure how many House Republicans will support the bill.

What does that tell ya?


30 posted on 09/28/2008 1:25:35 AM PDT by HarleyD
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To: xtinct
See also the FR thread ACORN Issue Fueling Bailout Opposition (Boehner draws line in the sand on ACORN) for ACORN discussions.
31 posted on 09/28/2008 1:26:43 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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To: ThePythonicCow

we had a real deflation during the mid 90’s. A lot of companies went broke because they could not repay debts with dollars more valuable than those they had borrowed only a few years earlier. Money moved away from commodity based companies and 3rd world countries to high tech/service companies as their exposure to commodities was minimal. That’s why we had the dotcom bubble.


32 posted on 09/28/2008 1:28:44 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: dandelion
I’m looking for information regarding the Acorn financing boondoggle, but see no reference to it...

I’m praying they got it dumped from this bill.

That was my first thought upon seeing this. They'd better have scuttled that and the La Raza cr@p.

Both are anti-American institutions have no business being in any taxpayer-funded bill, let alone this bill.

33 posted on 09/28/2008 1:33:02 AM PDT by Allegra ( Call me if you need me. Unless it's above my pay grade.)
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To: screaminsunshine
Looks like it was dropped.

From a Reuters article.

Democrats jettisoned proposals that would have put money into a trust fund for affordable housing

Also from what I'm reading sounds like the Republicans got pretty much what they wanted.

34 posted on 09/28/2008 1:34:27 AM PDT by Dog (We have entered into the realm of 9/10 all over again...Lord help us.)
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To: dandelion
Dealing [Kathryn Jean Lopez]

Some details to work out, but I'm told there is a deal in the works, minus ACORN.

09/28 01:04 AM

NRO: The Corner

35 posted on 09/28/2008 1:34:42 AM PDT by WhistlingPastTheGraveyard
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To: Dog

Window Dressing.


36 posted on 09/28/2008 1:36:24 AM PDT by screaminsunshine
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To: dandelion

ACORN is a red herring.
I want the whole nightmare filibustered.


37 posted on 09/28/2008 1:36:41 AM PDT by Lancey Howard
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To: WhistlingPastTheGraveyard

I just found that...was going to post it.


38 posted on 09/28/2008 1:37:15 AM PDT by Dog (We have entered into the realm of 9/10 all over again...Lord help us.)
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To: screaminsunshine

Can’t please everyone.


39 posted on 09/28/2008 1:38:01 AM PDT by Dog (We have entered into the realm of 9/10 all over again...Lord help us.)
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To: ari-freedom
Money moved around, companies went broke, and other companies got rich. Some third world countries had serious problems.

Prices of commodities and subsequently of goods that could be manufactured overseas were sharply lower throughout the 1990's, yes. But that's not deflation. There was plenty of money, just not in commodities and Wal-Mart dry goods.

Deflation is a general reduction in money supply, not the sloshing of it from one place to another. Or as I like to say it, overstating a bit, deflation is "no money, no how, no where." You have to go back to the 1930's, before we went off the gold standard, to find that.

40 posted on 09/28/2008 1:38:17 AM PDT by ThePythonicCow (By their false faith in Man as God, the left would destroy us. They call this faith change.)
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