Monday, September 29, 2008

I see it but..

I don't believe it.

House republicans have voted to virtually decimate Wall Street, against the wishes of the Bush whitehouse.

Wall street has been turned completely upside down and inside out by their (former) mates.

This can only be bad for McCain who also threw his weight behind the package (more like put his presidential head on the chopping bloke).

Not to mention terrible for all those people out there with home loans, business loans etc. Everywhere.

Troubling times indeed.

And for those who think it was the right thing to do, have a look at the markets reaction.

Utter chaos.

3 Comments:

Blogger larson_b said...

ah fuck it.

the markets has an incentive to react that way. it will provide more pressure for the funds to come later in the week.

the bailout is too short sighted. the financial markets won't learn from this (as they didn't when artifically low interest rates bailed them out of the dot com bubble) and the next bubble will hurt just as much.

US$700 billion. where's the evidence that this will make a difference to the stability of credit markets. why not US$500 million, why not US$2 trillion.

and what is the money being used for? it's not particularly transpararent. there's evidence wall st is already (and understandably) trying to game this.

they fucked up. they can deal with it.

6:38 PM  
Blogger larson_b said...

http://www.nytimes.com/2008/09/22/business/22lobby.html

^evidence

6:38 PM  
Blogger timboy said...

No, they fucked up, now we all have to deal with it.

I'm happy with any plan so long as the government gets equity in the companies being bailed out.

Wall street can game it all they like, and then at the end of the day the US government owns them.

Deal.

Speaking of deal, I;ve said it elsewhere, but Obama's task in office will literally be the institution of the new New Deal.

This is his opprotunity for greatness, or he could make a complete mess of it.

I hope all his advisors are reading the General Theory of Employment, Interest, and Money right now!

4:24 AM  

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