I haven’t seen any convincing arguments that simply letting the entire financial sector collapse will, in fact, have little or no deleterious effect on the “Main Street” economy.

Just based on early reports, it appears that the Dems have successfully stood their ground in designing the plan. In particular, the House Republican “insurance” scam, which has been universally condemned by economists as expensive and unworkable, is appended as an “option” and not as a requirement.

Thanks.

mp

Non-essential federal government offices are closed.

So the entire world waits, because 42 congressmen want a holiday?? And while they bitch about the governments bailout and their concerns for the taxpayer – yet they’re ALL perfectly happy to take their special interest Holiday pay, out of our pockets.

My family hasn’t had a holiday for two years.
What hypocritical liars and con artists we have to lead us..

selise: http://news.yahoo.com/s/time/20080926/us_time
/congressandthefinancialbailoutroundtwo

greenwarrior: 42

thanks.

the place to watch for house action on the bill is the house rules committee website. special rules and notices of action are reported here:

http://www.rules.house.gov/special_rules.aspx
http://www.rules.house.gov/rules_news.aspx

the most recent one was reported out yesterday at 5:55pm:

H. Res. 1514 Rules

Waiving a requirement of clause 6(a) of rule XIII with respect to consideration of certain resolutions reported from the Committee on Rules

The Committee granted, by a non-record vote, a rule waiving clause 6(a) of rule XIII (requiring a two-thirds vote to consider a rule on the same day it is reported from the Rules Committee) against certain resolutions reported from the Rules Committee. The rule applies the waiver to any resolution reported by the Rules Committee on the legislative day of September 28, 2008 or September 29, 2008.

amendments submitted by the minority (requiring 6 hours notice and others) were defeated along party line votes.

looks like the house will be trying to vote today or tomorrow.

It’s just being reported that after non-stop 24/7 negotiations, because the world’s economy is in peril, because banks and businesses are failing every minute – it will all be postponed because of the Jewish holiday on Tuesday.

Are you fu**ing kidding me??!

Then it obviously wasn’t worth the rush or trouble in the first place!

I honestly don’t know and I don’t think anyone else does. If by ‘equity’ you mean cash on hand, that is what is used as the basis for leverage and gets back to “The events of the past year are not a mere accident, but are the results of a conscious and willful SEC decision to allow these firms to legally violate
existing net capital rules that, in the past 30 years, had limited broker
dealers debt-to-net capital ratio to 12-to-1.
Instead, the 2004 exemption — given only to 5 firms — allowed them to
lever up 30 and even 40 to 1.
Who were the five that received this special exemption? You won’t be
surprised to learn that they were Goldman, Merrill, Lehman, Bear Stearns, and Morgan Stanley.”

Regarding mortgages, this is how the game is played and why Buffet, Gross of Pimco, etc are saying there is money to be made; go here:
http://news.goldseek.com/Mille…..020584.php

BUT the legislation news I have read doesn’t say who or how the Treasury will value such RBMS and associated tranches.