But the article also said it was not yet clear how the House Republicans would react.
This could be progress, or this could be a repeat of the false claims of agreement we had Thursday, when McCain announced his return to Washington.
My guess is that we get agreement, it's ugly but less so than Paulson's original 3 page outrage, and the Treasury Bill printing press overheats, but is repaired and kept running, this coming week.
Without this bill, payrolls of a few major companies that depend on commercial paper would not be met this coming Friday, and companies such as GE would have been in the ICU the following week. GM and Ford already got their rescue in the other spending bill. The stock market has been holding up (well, only falling 20 or 30 percent.) But the short term credit markets have collapsed these last two weeks, more dramatically than in anyone's memory.
The New World Order is proceeding apace -- it's currency is U.S.Treasuries. Lots of mortgage backed securities and derivatives and financial stocks currently held by major foreign nations will be swapped for Treasuries.
I predict that there will be a stock market rally Monday, which will quickly turn into either a choppy sideways market, or a violent down draft (another October crash.) Oil prices will hold reasonably close to current levels (the Saudis are voting with their petrol for McCain), recessionary signs will increase but not terribly, and McCain will win. The market will rally into sometime in January, but it will be just a bear market rally, leading into an honest recession (not a 1930's Depression -- just a recession.) Inflation will rise in the next two years as in the 1970's, but not hyperinflation. Unemployment will rise some more, as some companies don't make it through these white water rapids.
.....and companies such as GE would have been in the ICU.....
Was GE selected as a typical representative of the class or does GE have a specific problem?
GE is on my S%%%% list for propagandizing via their board organ NBC
What’s your take on the housing market in the next year or so?
Yours is a very reasonable outline of what will probably happen.
There’s too much hysteria out there from the pundits right now, so it was refreshing to read your calm and considered analysis.