Yes, I am. There are some lines that aren't crossed and it's usually related to a person's ego. I figure the repubs. were going to vote this thing through because of the way it was explained to them, even though it was against their better judgment. Score one for partisan politics this time.
The End of the U.S. Financial System as We Know It? [Larry Kudlow] A number of Republican House members and staff, along with others who are plugged in, are telling me that Nancy Pelosi and the Democrats will come back with a new bill that includes all the left-wing stuff that was scrubbed from the bill that was defeated today in the House. As this scenario goes, the House Democrats need 218 votes, and they have to pick up a number of black and Hispanic House members who jumped ship because the Wall Street provisions, in their view, were too benign. So things like the bankruptcy judges setting mortgage terms and rates, the ACORN slush-fund spending, the union proxy for corporate boards, stricter limits on executive compensation, and much larger equity ownership of selling banks through warrants will all find itself back in the new bill. Of course, this scenario will lose more Republican votes. But insiders tell me President Bush will take Secretary Paulsonâs advice and sign that kind of legislation. Personally, if this scenario plays out, I would probably withdraw my support for the rescue mission and switch to plan B, which would center on the FDIC and its bank-recapitalization powers. The bank-ownership issue, in particular, could lead to heavy nationalization of Americaâs financial system with a three-house Democratic sweep in November. Iâm not forecasting, because I donât know the next billâs content. And while McCainâs polls are heading south, he could still win. But a three-house Dem sweep to implement some off the very onerous provisions being talked about could set up the end of the U.S. financial system as we know it. Iâm gonna wait and see. Obviously, the financial markets are in total collapse today. And the economic outlook is suffering. Tough day. One of the worst I can remember.
I agree with you and BSAM 100%. I know and I've been around these wall streeet types for the past decade (going back to when Goldman Sachs was a private firm). At best they are arrogant and have a sense of "princely entitlement", at worst they're absolute money grubbing, money grabbing, douchebags. That this Bailout was even suggested shows a complete lack of respect and caring for your average american citizen, in favor of big money and the power behind it. I'm really glad it didn't pass, and so is everyone else who doesn't have conflict of interest (or morals). *** That's a great big FUCK YOU to Wallstreet! Yah! P.S. And as traders, if you really can't figure-out how to profit from an almost 100 point drop in the ES, you really need to go get a job ... just make sure it isn't on Wallstreet, LMAO.
The Republicans didn't want John McCain to take the blame on the 6PM news tonight. So much for blowing-off David Letterman to go broker a "deal" on Capital Hill about something that he has virtually no clue about. Thus, the Republicans simply turn around and deflect blame by pointing the "finger" at Pelosi. Won't be a vote till Thursday morning at the earliest. 2-Year Swap Spread over 141 now. Say hello to a totally FROZEN commercial paper market too . . . What a shame.
Who cares what Pelosi said - like the Republicans ever listen to her to begin with. This is about them not wanting to be voted out of office by irate constituents. It's one of the few times every few years they give a crap about what the folks back home think.
LOL, he's completely ineffectual and has selected a bimbo as his VP running mate. Yeah, like I said, completely ineffectual.