Lucy, Congress and the New Plan Trick

Feeling a bit like a yo-yo wishing someone would just cut the string so you could roll one way or another?  Well, you’re not alone.
Lucy, Congress, and the New Plan Trick
By Paul Kedrosky, at Infectious Greed
Excerpt:  "So here’s where we are at:

Almost two weeks ago the market soared when late on a Thursday word [...]

Review of House No Vote

Collection of thoughts on the House’s "no" vote on the bailout, our so-called leaders and their political game playing, and the potential consequences of the failure to take action in this ongoing financial crisis.  Courtesy of Mark Thoma, at Economist’s View. 
House Votes against Bailout Package
The House voted against the bailout package. Brad DeLong says:

Bring Congress Back into Session [...]

Why Have Things Gone So Wrong?

Here’s Roger Ehrenberg’s assessment of what went wrong and how Paulson in particular should change his perspective to begin addressing the crisis in a way that people will support.  Courtesy of Roger, at Information Arbitrage. 
Why Have Things Gone So Wrong?
Lack of transparency. Intellectual dis-honesty. Failure to read the pulse of the nation. In my adult life I have [...]

Dave’s Daily

MARKET COMMENT
September 29, 2008, Courtesy of Dave Fry, ETF Digest 

The markets gave a Bronx Cheer to the bailout proposal “before” there was even a congressional vote today. After the vote failure the ongoing sell-off intensified. My understanding, based on news reports, is that Speaker Pelosi made a tactless Bush-bashing speech before the vote took [...]

The Limits of Power

These videos of Bill Moyers interviewing US Army Colonel Andrew J. Bacevich are well-worth watching.  The original source at pbs is here.  Thank you to Barry Ritholtz, for finding these for us.  Excerpt from Barry’s post: 
Bacevich: The Limits of Power
"Is an imperial presidency destroying what America stands for?
Bill Moyers sits down with history and international [...]

All Bets Are Off

Courtesy of Howard Lindzon.  This is depressing.
All Bets Are Off…
First off…I apologize.
I have been very patient telling people to stay away from this market since January, but Thursday and Friday I was buying and rather large quantities of Apple, Amazon, Google, Russia and Gold. Other than Gold, it’s been a shitstorm after today. I have [...]

Congress Calls WallSt.’s Bluff

This pretty well sums it up, amazing.
Congress calls Wall Street’s bluff, and we lose
Commentary: How rejecting a $700 billion plan cost us $1 trillion

By David Callaway, MarketWatch

SAN FRANCISCO (MarketWatch) — Congress called Wall Street’s bluff Monday, and investors, savers, retirees and employees around the world lost their shirts. 

Excerpt:  "While groups of politicians bickered like schoolchildren [...]

Wake Me Up When Sept. Ends

A favorite Green Day song, plus some numbers from Market Tells, courtesy of Adam Warner at Daily Options Report.
Wake Me Up When September Ends
 

I forget where I read it, but someone (or many) wondered what if we decline on a Bailout deal? Then what?
Well, here we are.
The VIX did "predict" a Monday [...]

Bittersweet Moment in History

Mish’s thoughts on the U.S.’s reliance on China and other countries, the recession (underestimated), the bailout plan (not helpful), and, if you click on the link (So, Who Won The Debate?), the debate between Obama and McCain. 
US Treasury to rely on China and the Middle East to finance bailout?
The Wall Street Journal is reporting [...]

Bailout Bill Update and Text

Bailout bill unveiled, heads to House
Excerpt:  "WASHINGTON (MarketWatch) — Democratic congressional leaders announced their agreement Sunday on details of a massive financial rescue plan proposed by the Bush administration, releasing a draft text trumpeting taxpayer guarantees and caps on executive compensation.
The draft bill, titled the "Emergency Economic Stabilization Act of 2008," follows days of legislative [...]

WallSt., Meet MainSt.

Here’s a balanced article on the bailout plan, discussing Nouriel Roubini’s suggestions and the effect of credit drying up on the average American citizen.  Courtesy of Stormy, at Angry Bear.  
Wall Street, Meet Main Street
By Stormy
For the man on the street, the proposed bailout seems like nothing more than handouts to the rich. To him, the fortunes of Wall [...]

Barry’s Memo to DC

A Memo Found in the Street
By BARRY L. RITHOLTZ
Excerpt:
"WOW, WE’VE MADE QUITE A MESS OF THINGS here on Wall Street: Fannie and Freddie in conservatorship, investment banks in the tank, AIG nationalized. Thanks for sending us your new trillion-dollar bailout.
We on Wall Street feel somewhat compelled to take at least some responsibility. We used [...]

SEC

Conclusion:  Voluntary regulation does not work, a lesson learned (hopefully) the hardest way.
SEC Lambasted on Bear Sterns
Courtesy of Todd Sullivan’s – ValuePlays
Like I’ve said repeatedly, time for Cox to go…
 

Nouriel: Plan’s a Disgrace

Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks
Courtesy of Nouriel Roubini, at Nouriel Roubini’s Global EconoMonitor 
Whenever there is a systemic banking crisis there is a need to recapitalize the banking/financial [...]

It’s the Derivatives, Stupid!

Here’s an excellent article by Ellen Brown which focuses on the financial derivatives industry.  (Wikipedia has a helpful introduction to derivatives, here.)  The previous article posted, Behind Insurer’s Crisis, Blind Eye to a Web of Risk, provides a clear illustration of how billions of dollars can quickly evaporate in the derivative world.  
IT’S THE DERIVATIVES, STUPID!
WHY FANNIE, FREDDIE [...]