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Friday, September 26, 2008

Bailout Battle and WaMu Wipe Out

Items of interest in this target rich credit bailout crisis:

Intrade Bailout contract:
US Congress to approve a government bailout of banks on/before 30 Sep 2008 --

New York Times:
Fate of Bailout Plan Remains Uncertain — WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas …
Faiz / Think Progress: House GOP Aides: McCain ‘Not Familiar With The Details’ Of The Financial Bailout
Felix Salmon / Portfolio: When it Rains, it Pours
E. J. Dionne Jr / Washington Post: The Photo McCain Wanted
Christopher Hayes / The Nation: Today in The Nation: Congressional Dilemma
Michael Falcone / The Caucus: The Early Word: Debate Limbo
David Saltonstall / NY Daily News: Rudy's ‘crass opportunism’ reflects on Mac: Dems
Jonathan Martin / Jonathan Martin's Blogs: McCain hopeful he can attend debate
Robert Stacy McCain / The Other McCain: Another ‘celebrity’ you never heard of
John Riley / Spin Cycle: Friday's Ten: Implosion on the Hill?
Jules Crittenden: Politics Risen Above
James Joyner / Outside The Beltway: Did McCain Kill Bailout?
Phil Singer / The Marathon Blog: Turning Point: Dems Can Go In For The Kill Now
Washington Post:
Away from Wall Street, Economists Question Basis of Paulson's Plan — The Bush administration's pitch for a sweeping bailout of the financial system has centered on two simple premises: that the economy could suffer a crippling downturn if action is not taken very quickly and that this action …
Mark Sanford / Washington Post:
A Bailout for All Our Bad Decisions?
Peter S. Goodman / New York Times:
Credit Enters a Lockdown
Conn Carroll / The Foundry: Morning Bell: Market Rescue Dos and Don'ts
James Pethokoukis / Capital Commerce:
McCain to Wall Street: Drop Dead? --How the bailout turns! If John McCain came out against the Paulson Plan, effectively killing it, would he not a) likely vault back into the lead vs.Barack Obama by opposing a trillion dollar bailout—maverick style!—that voters hate even if they think it somehow necessary, b) lock up working-class, "Sam's Club" voters in places like Michigan, Pennsylvania and Ohio, and c) send the base into Palinesque waves of ecstasy since Newt Gingrich/Rush Limbaugh/ Conservative Blogosphere have been ripping the bailout to shreds? ...
Washington Mutual is the Biggest Bank Failure in US History

Wall Street Journal:
WaMu Seized, Sold Off to J.P. Morgan; Deal, Bailout Delay Rattle Investors — In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. late Thursday and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co. ...
Frank James / The Swamp: WaMu thunderclap in economic storm
New York Times:
Government Seizes WaMu and Sells Some Assets
Myglesias / Matthew Yglesias: Nice Work If You Can Get It
Barbara Kiviat / The Curious Capitalist: Welcome to my bank, WaMu customers!
Ed Morrissey / Hot Air: Bank failure hits home — literally

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia