# The bailout



## MrBurns (28 September 2008)

Looks like Wall St will get bailed out by the US taxpayer, US citizens must be furious. I don't think anyone on Main St will see any of it.

They say they have no choice, bull****, this will just make the ultimate downfall worse.

There's talk this is contrived primarily to help the Republican campaign contributors and pals.


----------



## lesm (28 September 2008)

*Re: The bailout.*

This is the latest via Reuters on the bailout:



> *TEXT-US House speaker's statement on bailout deal *
> 28 Sep 2008 - 11:40
> 
> Sept 28 (Reuters) - The following is a statement issued by U.S. House of Representatives Speaker Nancy Pelosi's office on changes to the Bush administration's $700 billion financial rescue plan request. Congressional leaders conducted a marathon negotiating session on Saturday before announcing they had a broad outline of a deal. Here is the statement issued early on Sunday:
> ...


----------



## MrBurns (28 September 2008)

*Re: The bailout.*

Thats better, but let's see what happens over the next week or so.


----------



## Green08 (29 September 2008)

Greenspan criticizing others for their lack of action regarding monetary matters is kind of like Hitler calling someone anti-Semitic.

September 26, 2008 at 3:12 pm

http://blogs.wsj.com/economics/2008/09/26/greenspan-calls-for-action-on-financial-crisis/


----------



## Green08 (30 September 2008)

The chance of any money from the bailout into banks which is meant to liquify the system is very low.

They will hold it to look after themselves as deposites dwindle.

So is there any point in a bailout? 

``We saw the numbers coming in and we thought `They're not going to make it,''' said Michael Nasto, the senior trader at U.S. Global Investors Inc., which manages $5 billion in San Antonio. Nasto said his traders were fielding sell orders all morning. ``We started accelerating everything and saying, `Get the hell out!' Most people came in today thinking they would pass some type of plan. It caught everyone by surprise.'' 

To contact the reporters on this story: Eric Martin in New York at emartin21@bloomberg.net; Cris Valerio in New York at cvalerio2@bloomberg.net. 

Last Updated: September 29, 2008 15:55 EDT


----------



## Green08 (30 September 2008)

If they just did this today why add another $700B?? 


"By Scott Lanman and Craig Torres

 Sept. 29 (Bloomberg) -- *The Federal Reserve will pump an additional $630 billion *into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression. 

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities. 

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. ...."
Last Updated: September 29, 2008 14:28 EDT


----------



## DB008 (30 September 2008)

Just got this off MSN Video.
Kramer talking about the bail-out

http://video.msn.com/video.aspx?mkt=en-US&vid=e6741a1b-9c22-4e19-88e0-6721f6368618


----------



## James Austin (30 September 2008)

*Failure from the get go*

_Michael West 
September 30, 2008 - 8:15AM_

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

The $US700 billion, that is. Paulson and Co. pulled it out of thin air. It was the ``slap in the face'' theory, that markets needed a big slap in the face to right their wrong behaviour.

So out went the Treasury Secretary with Fed chairman Ben Bernanke to chuck $US700 billion ($860 billion) at anyone who wanted to get rid of their worthless assets.

No wonder Congress slapped it back. It was never credible and would have delivered only temporary relief had US legislators embraced it. The left saw it as welfare for Wall Street and the Right derided it as a menace to free and efficient markets. It was both.

Already, the Wall Street banks were concocting plans to ``game'' the regulators, to make off with as much of that rescue loot as they could. As investment bankers do.

Locally, Paulson's old firm Goldman Sachs was speculating last week how it and other investment banks could make a killing out of the deal. There was just about to be $US700 billion handed out after all, with no conditions or oversight on how it might be spent. . . . . 


http://www.businessday.com.au/business/failure-from-the-get-go-20080930-4qli.html


----------



## bankit (30 September 2008)

The attached link could be heavy reading for some but there are some quotes and ideas in it that tell a story all on their own......the culture at the big end of town has to be broken.

*Oligarchy.* _noun - _a government in which a small group exercises control especially for corrupt and selfish purposes 

http://www.investorsinsight.com/blo...box/archive/2008/09/29/haste-makes-waste.aspx

Enjoy


----------



## wildkactus (30 September 2008)

How they voted:

Dem:  Yea: 141,   Nay: 94

GOP:  Yea: 66,  Nay: 132,  Not voting 1

Total: Yea: 207,   Nay: 226


----------



## communique (1 October 2008)

Have a look at this for a different perspective


http://www.alternet.org/blogs/peek/...topped_the_'inevitable'_bailout_for_the_rich/


----------



## Doris (1 October 2008)

*Ron Paul: Corporation - not free market*

..."This will destroy the $US and a world wide economy!

This has nothing to do with a failure of capitalism!

We need more oversight in:

* the Fed Reserve system
* the Exchange Stabilization System
* the President's Working Group ...
- find out what they're doing!
- how much have they been meddling in the market"

 Posted 29.09.08


----------



## 2020hindsight (1 October 2008)

wildkactus said:


> How they voted:
> 
> Dem:  Yea: 141,   Nay: 94
> 
> ...




60% of Dems said "yea"
33% of GOPs said "yea"  (so much for Bush's influence )

All scared of recriminations from the electorate in the upcoming election. 

PS Praps the only way to get this through is that they have a "secret ballot" - undisclosed who voted what.


----------



## CoffeeKing (1 October 2008)

2020hindsight said:


> 60% of Dems said "yea"
> 33% of GOPs said "yea"  (so much for Bush's influence )
> 
> All scared of recriminations from the electorate in the upcoming election.
> ...




They can't be to worried if they still find time to take the Holiday off!


----------



## Kauri (1 October 2008)

The CEO of Deutsche to have said that if Washington passes the bank rescue plan, then "Europe should be ready for a similar solution". Calls for a European "bailout" plan have been muted in recent days but the continued fallout of the newly labeled credit quake could intensify speculation on the need for a coordinated package on the other side of the pond.However,
the odds of a European bailout package being agreed upon are "slim to none" and this does not even include the actual implementation of any such rescue plan. Credibility has already been damaged and some would argue that the individual de facto nationalizations of some European institutions is a form of bailout, albeit at an individual state level - rather than a cross boarder European initiative. ( and there is nothing worse than a cross boarder..) 


Cheers
...........Kauri


----------



## Macquack (1 October 2008)

Doris said:


> *Ron Paul: Corporation - not free market*
> 
> ..."This will destroy the $US and a world wide economy!
> 
> ...




When I'm picking my team for the financial rescue (not bailout), first choice and captain - *Ron Paul*

Services no longer required - G.W. Bush, B. Bernanke, H. Paulson. List to be extended.


----------



## wayneL (1 October 2008)

The Times:


----------



## baja (1 October 2008)

Mike Moores view on it.




> Friends,
> 
> Everyone said the bill would pass. The masters of the universe were already making celebratory dinner reservations at Manhattan's finest restaurants. Personal shoppers in Dallas and Atlanta were dispatched to do the early Christmas gifting. Mad Men of Chicago and Miami were popping corks and toasting each other long before the morning latte run.
> 
> ...


----------



## Kauri (1 October 2008)

The US Senate vote on the Bush administration"s revised $700bn TARP will *reportedly* take place at 23:00GMT.

Cheers
..........Kauri


----------



## Kauri (2 October 2008)

word is filtering through that the Wall St. welfare bill has broad senate support.... now fundies... what is that going to do to the market???

Cheers
............Kauri


----------



## CoffeeKing (3 October 2008)

For what it's worth...


----------

