Posted on 09/22/2008 8:07:25 PM PDT by TigerLikesRooster
Wall Street falls again as $700bn bailout is delayed by political squabbling
Barney Frank, chairman of the House Financial Services Committee
Miles Costello and Leo Lewis in Tokyo
Just after the collective sigh of relief was drawn following last week’s financial turmoil, a startling late plunge in the US stock market last night started a fresh wave of fears for banks, savers, pension holders and employees.
It had appeared that a $700 billion (£378 billion) bailout of the banking system announced by the US Government on Friday had restored some stability.
But the stock market euphoria generated by the plan disappeared yesterday as political squabbling over the terms of the rescue threatened to delay the Bill. A sudden surge in oil prices also unsettled the markets.
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
L
700 Billion is not enough so King Henry I will spend another Trillion to try to save the market.
Welcome to Socialism!
Americans who want to keep their Constitution are nothing more than political squabblers? That’s rich.
The only road to solving the problem is to arrest the entire Congress, George Bush, Paulsen and Bernacke on RICO charges. They all are are guilty of aggrevated theft, stupidity, incompetence and official corruption.
This is the perfact application for an expost facto law. Exile them to Sudan, Haiti or some other appropriate hell hole!
Bernanke is the only one with the brains that can pull this off.
I feel better knowing he is on the job.
Bernanke is doing a horrible job.. Lehman, AIG, Fannie, and Merrill on his watch
Oppose the bail out http://www.petitiononline.com/mod_perl/signed.cgi?BailOut&1
GOOD. Delay it longer. Let “Wall Street” fall further. As we should have done instead of bailing out Bear Stearns for JP Morgan. Don’t rush into a stupid bailout which will cripple the next generation.
The seeds were planted long before he was appointed.
These situations did not develop over the past months, but over the past decade.
Bernanke is the only one right now who can do any good.
The seeds were planted long before he was appointed.
These situations did not develop over the past months, but over the past decade.
Bernanke is the only one right now who can do any good.
Greenspan was supposed to be the "brains" and he led us into this mess. Please ever buy into the myth of the "best and brightest". There is no such thing. Reagan went to Eureaka College and toppled the USSR. Sarah Palin attended 5 colleges in 6 years, but has the mettle to lead this nation to greatness. There is nothing magical about an Ivy League degree. Wall St. is littered with such graduates who are now waiting tables.
sorry for the double post!
Agreed. And Paulson is no slouch either.
I never did buy into the notion Greenspan was a genius.
He seemed to partisan to me.
Our Federal government at work. If Congress doesn’t act in the public interest, they should all be thrown out.
If you think the markets are tanking now, wait until the effects of the bailout hit.
Greenspan, Barney Frank, Chris Dodd etal
We have all been so mis-communicated to for years, that we now even ignore how deeply flawed are the images we are accepting.
The article said “Wall Street falls again”.
What everyone takes that to mean is “stocks” (equity investments) and in that, stocks in general.
But, there are two problems.
“Wall Street” may be the middleman for equity investments, of ALL types.
But, “Wall Street” in another sense is ONLY the “Wall Street” firms.
And, at this point, they - those “Wall Street” firms, and not stocks in general and not the companies behind those stocks - the IBM’s, Caterpillar, 3M, Microsoft, HP, Boeing, GM, etc - are the companies at issue, that are “in crisis”.
So, could all those “main street” companies still get their stocks listed and sold on “the New York stock exchange” (after some adjustments) IF EVERY “Wall Street firm”, went under, was bought out or went into Chapter 11. YES.
So, that’s what we need, to help tell the American people that we will be O.K.
We need the IBM’s, Caterpillar’s, 3M’s, Microsoft’s, HP’s, Boeing’s, GM’s, etc to tell the American people to let “Wall Street” fail, if it must, they will, on their own keep the market for investments in “main street” working just fine.
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