Cancer Data: Burying Bad News Science News. More important to your health than the bland title suggests.
McCain camp prays for Palin wedding Times Online. If anyone cares, the electorate is even stupider than my worst fears.
Economy in Trouble, No Matter Bailout Outcome Real Time Economics, Wall Street Journal
Wall Street Executives Made $3 Billion Before Crisis Bloomberg. The one consolation is Hank Greenberg may have lost that much on his AIG stock.
Bailout failure ‘will cause US crash’ Telegraph (hat tip reader Dwight). US stocks fall 1/3 in a week? If that happened, even I’d be a buyer, The 1987 crash showed that sharp declines lead to surprisingly quick recoveries by bear market standards.
Maybe Short-Selling Isn’t So Bad, After All Mark Hulbert, New York Times. A round-up of research.
Why it can’t work–Crikey follow up Steve Keen
Thanks for the Duration, But is it Time to Say Goodbye? Vineer Bhansali Pimco. Pimco on the Treasury bubble, although they are too politically correct to call it that.
Antidote du jour (no animals were hurt in the creation of this image):
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No good Yves. You get a -3 on a scale from 1 to 10.
Keep the fuzzy animal assembly line going. Violence BY fuzzy animals against humans is acceptable.
wow, I am really afraid now. Jessum, ms. that picture proves you are concerned about the economy.
I appreciate your passion and knowledge and info passed along to us “laymen” trying to keep up with this mess….and you’ve been roundly away ahead of the curve on these economic events.
Now what to do with all these ‘financial advisors’ who tell my friends to ‘stay the course’? They do resemble ‘basset hounds’ at least in voice.
1. WASHINGTON, Sept 27 (Reuters) – Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.
U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.
“If after five years … the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions,” Pelosi said, adding that she hoped the provision could be part of a final bailout deal.
Pelosi said that the Secretary of the Treasury could determine how to assess the fee.
2. ABC News’ Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson’s request for billion of dollars to buy debt from struggling Wall Street financial firms as “un-American” and said the secretary should have stepped down.
Gingrich even expressed concern with Paulson’s connections to Wall Street. The treasury secretary served as the chairman of a major global investment banking and securities firm before joining the Bush administration.
“You have the former Chairman of Goldman Sachs asking for 700 billion dollars, and in his initial request, asking for it in such an un-American way that I think he should have resigned,” said Gingrich. “I think Paulson has terminally misunderstood the nature of the American system. Not just no review, no judicial review, no congressional accountability. Give me 700 billion dollars, 700 BILLION dollars! ‘I’ll be glad to spend it for you.’ That’s a centralization of power that is totally un-American.”
Early Sunday, congressional leaders and the Bush administration reached a tentative agreement on the $700 billion Wall Street bailout proposal. The bill is expected to come up for a vote in the House on Monday.
Gingrich, who made his remarks on the “This Week with George Stephanopoulos” roundtable conceded that he would probably end up reluctantly voting for the plan because Congress was given no choice
http://www.daypitney.com/news/do…ocs/ dp_2307.pdf
oThe maximum amount of authorized purchases outstanding at any one
time is $700 billion. However, this authority is subject to the following
limitations:
If Bush is to save America he needs to take control and fire Paulson today!
EGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE TROUBLED ASSETS
http://downloads.newsok.com/docu…/ s28bailout.pdf
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are
non-reviewable and committed to agency discretion, and may not be
reviewed by any court of law or any administrative agency.
>> This is absurd to have this level of abuse and to allow a person like Paulson to destroy America. Where is there any outrage or concern? Where are the representatives that will grant this power???