Posted on 09/27/2008 7:31:39 PM PDT by kc8ukw
The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.
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The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added.
The warning came as Republicans and Democrats met in Washington for a rare weekend debating session to attempt to seal agreement on the contentious plan, aimed at preventing a long-lasting recession in the US.
(Excerpt) Read more at telegraph.co.uk ...
I’d say close the markets for 72 hours. Let it all rest and everyone take a breath. After 9-11 nothing flew for a week.
This is Pelosi’s big chance to “save the planet.” She don’t need no steenkin’ Republicans. Come on Nancy! You’ve got the votes. Do it! LOL!
Good and I will buy in and make $$$ as it recovers.
No problem, let the gamblers jump.
What a bunch of garbage.
Why do I get the feeling that Goldman Sachs execs are holding our Treasury hostage with a gun to our heads?
So does Jim Cramer, of MAD MONEY on CNBC. Cramer said that this week while congress had been haggling over this plan, that thousands of wealthy americans have been taking their money out of savings, annuities, money markets, etc and buying TBills. It’s a run on banks that is quiet and with election, debates it has been lost. He wanted people to call and get Bernanke to up the coverage on Money Markets, and other savings vehicles to stop the bleeding. That’s more capital out of banks, less credit lending.
Wachovia won’t last more than a few days without a merge with another bank or institution.
If this bail out goes thru or Obama wins, I’m pulling out of the market and going to gold and metals.
Why do I get the feeling that the public is being played big time. I mean, my goodness could they be hyping this thing any greater????
Glenn’s a financial wizard?
Maybe because nobody’s had the audacity to carry out a $700 billion heist before?
They should have thought of that before making all those garbage loans.
CRY me a river
NEW YORK, March 9 (Reuters) - Wachovia Corp. (WB.N: Quote, Profile, Research, Stock Buzz) said chief executive Ken Thompson was awarded $23.85 million of compensation for 2006, about 41 percent more than a year earlier, after the fourth-largest U.S. bank's profit rose 17 percent to a record.
Thompson received a $1.09 million salary, $17,208,830 of stock and option awards, $5.15 million of performance-based cash incentives and $397,552 of other compensation, according to the bank's proxy filing with the U.S. Securities and Exchange Commission.
This is Pelosi’s big chance to “save the planet.” She don’t need no steenkin’ Republicans. Come on Nancy! You’ve got the votes. Do it! LOL!
Queen Pelosi, as Henry Paulson treated her when he bent down on one knee (which is digusting in itself) is waiting to see which 100 sap GOPer’s will sign on to this charade.
Hank Paulson’s™ Financial Bailout Plan
Franklin Roosevelt did something similar with banks in 1933 right after his inauguration. Supposedly only the good banks which had been examined and passed by a federal regulator were allowed to re-open.
Now, how many banks were actually examined and passed in 1-3 days? Very few, but the point was people's confidence in those banks was high and that stopped the panic about banks collapsing.
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