Congress to meet again on Thursday?

[northstar22]

Markets are skyrocketing today! What gives? Maybe it's *GASP* not as bad as the media made it out to be?

[Anu2]

I am very against the bailout plan in principle. I'm a big fan of a free market economy and I hate that we have to rescue people who made bad financial decisions. (I made bad investment decisions in 1999/2000 with my tech stocks and no one bailed me out and I didn't expect them to.) However, with all of that said, we do have a major credit freeze which is making it hard for people to sell their homes because people can't get financing (although, I can't find any hard facts on how difficult this actually is if the borrower's credit doesn't suck), it's impossible for people to open new businesses or expand small businesses because they can't get financing, banks won't lend to each other, etc. All of this is much bigger mess than the 1% of people who are foreclosing on homes. If we look at the bigger picture, the bailout plan is probably needed. Again, I hate the idea of the plan in principle but I think in reality this plan, or some other viable solution will need to be put into place.

[bale002]

The media is saying because of hopes for a revived bailout on Thursday. Not sure if I believe that.

The USD has gained 300 points on the EUR, but mainly because Europe has its own, maybe even worse, problems. It has recovered less against the JPY even though Japan right now is also fighting to stave off a recession. The whole world is.

I am still hopeful that people in the real economy - including sober loan officers at banks - realize that the bailout is an unnecessary gift to bad risk managers and unproductive deadbeats throughout the economy, and that, short of a day-to-day payments system crisis, we are mature enough to weather the consequences of the upcoming recession and that no one is going to starve to death, even though certain komrades would have us think otherwise.

[bale002]

Originally Posted by Anu2

or some other viable solution will need to be put into place.

There are already viable solutions in place; for example, the FDIC brokered an orderly unwinding of two banks over the past few days and it has extended its guarantees to money market funds (not sure if the FDIC or some other agencies) and both Obama and some House republicans have proposed to raise the insurance limit to $250,000.

Though we may not all like the idea of only 3 or 4 large banks in the US, we should support that, with a view to competing globally, rather than handing over the power to allocate another $700 billion to the same cabal of swindlers that has already misallocated some $2 trillion.

[harry chickpea]

News flash - In light of the current credit crisis, the heads of the Fed and SEC have announced that they are changing their emblems from an eagle to a new symbol that more accurately reflects their current position as go-betweens for Washington and Wall Street, a cluster of day-glow condoms held aloft by a call girl posed as the Statue of Liberty.

They now hope to provide a number of brightly colored enticing choices to fit the individual members of Congress, then plan on stroking the more rigid lawmakers for safe yet stimulating inflationary movement, enticing them into fast issue of new sources of undercover funding, deposited in deeply hidden pockets. This is to be accomplished by going through a pantomime of torrid public action, while simultaneously blocking any true creativity. The excitement generated by these actions towards Congress is expected to result in a huge payoff from a small number of big jerks.

The current mandate from the market now also corrals an entire generation for ultimate flushing down the tubes, protects a bunch of Wall Street pr*cks, and offers taxpayers a glowing sense of security while being shafted.