left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Friday, October 3, 2008

Round 2: Historic Bailout Bill set for House vote

Items of Interest:

Intrade Bailout contract:
US Congress to approve a government bailout of banks on/before 31 Oct 2008

David M. Herszenhorn / New York Times:
Bush Signs Rescue Bill After House Vote — WASHINGTON — After the House reversed course and gave final approval to the $700 billion economic bailout package, President Bush quickly signed it into law on Friday, authorizing the Treasury to undertake what could become the most expensive government intervention in history...
Catherine Rampell / Economix: Live-Blogging the House's Bailout Debate
Jill / Feministe: House Approves the Bail-Out
Mary Katharine Ham / Weekly Standard: Nancy Pelosi Belatedly Learns How House Votes Work
Matt Cooper / Portfolio: Second Time a Charm, or a Curse?
Jeralyn / TalkLeft: House Passes Bailout
John Riley / Spin Cycle: Politics: Who gains from the bailout.
Jen Chung / Gothamist: House Passes Modified Bailout Bill
Wall Street Journal:
Bush Signs Bailout After House Passage
Stephen Grocer / Deal Journal: Winners & Losers From the Week That Was
Mark Reiboldt / www.redstate.com: The Rescue, Part II
Jeanne Sahadi / CNNMoney.com:
Bailout is law — President Bush signs historic $700 billion …
House debate on - close vote likely -- Historic bailout of financial system on the line.

The House on Friday began debating a historic proposal to bail out the nation's financial system. The vote, likely later in the day, is expected to be close, but key leaders said Friday morning they were optimistic the bill would pass.

House Democratic leaders had said they would only bring the Senate-passed financial rescue bill to the floor for approval if they thought they had the votes to pass it.

Indeed, many observers said it looked as if the bill might pass - four days after the House rejected a similar measure. (What's in the bill.) ...
Jobs: Worst in 5 years -- Payrolls shrink by 159,000 - 9th straight month of cuts. '08 total: 760,000.

Employers made deeper cuts in their payrolls in September, according to the Labor Department's monthly jobs report, as the economy experienced the biggest drop in jobs in more than five years....
The Big Picture: Payroll Drops 159k

Paul Krugman:
A grim morning -- Double plus ungood news on multiple fronts this morning. The credit crunch is getting worse: LIBOR jumped again, the TED spread is at a new record. Bad news on employment: payrolls down 159,000, average work week down, official unemployment rate flat at 6.1 percent but broad measure (U6) up from 10.7 to 11. We are going over the edge.
Russell Roberts / Wall Street Journal:
How Government Stoked the Mania — Housing prices would never have risen so high without multiple Washington mistakes. — Many believe that wild greed and market failure led us into this sorry mess. According to that narrative, investors in search of higher yields bought novel securities …
Discussion: QandO, Commentary, Econlog and Cafe Hayek
Washington Post:
Lobbyist Hired by Freddie Mac to Work on McCain Is Now Senator's Aide
Eric Kleefeld / TPM Election Central: Election Central Morning Roundup----
Stephen Labaton / New York Times:
Agency's '04 Rule Let Banks Pile Up New Debt, and Risk — “We have a good deal of comfort about the capital cushions at these firms at the moment.” — Christopher Cox, chairman of the Securities and Exchange Commission, March 11, 2008. — As rumors swirled that Bear Stearns faced imminent collapse…
Seeking Alpha:
Case Shiller: Eight Years of Real Estate -- We are revisiting the Case-Shiller index which serves as a barometer of private real estate activity. The statistic, measuring real property values identifies the year 2000 as a baseline. All 20 component markets of the composite began with a value of 100 in the year 2000. . .
Jeff Macke / Minyanville.com:
Buffett Sticks It to GE, GS Shareholders -- Greetings from Englewood Cliffs, New Jersey, where I'm taking part in a General Electric pledge of allegiance to Warren Buffett...

The Oracle of Omaha just struck a deal to purchase $3 billion worth of "Perpetually Preferred" stock, paying a 10% dividend. In a shocking coincidence, GE, in turn, used Buffett's Blessing as a marketing kicker for 557.8 shares in a secondary this morning.

For those not fond of reading fine print, the primary difference between the shares Buffett bought and those sold to commoners was that Warren's are guaranteed to kick off $300,000,000 per annum; those buying the secondary have only the perpetual hope that there will be anything left for them...

those attending the Woodstock of capitalism that is Berkshire Hathaway's annual meeting will be allowed to take a cat o' nine tails to the bound and gagged bodies of Jeff Immelt and Lloyd Blankfein after enjoying a nice bottle of Cherry Coke, a Dilly Bar and other Buffett-related paraphernalia...
Manhattan real estate: Pricey but headed for a fall -- The average sales price continues to climb - it's now $1.4 million - but the number of buyers is falling fast.

The crisis on Wall Street hasn't hit the high cost of Manhattan real estate, but the economic slowdown has curbed the number of deals in the Big Apple, according to reports out Friday.

Sales figures from four major New York real estate agencies showed the average price for a Manhattan apartment rose in the third quarter over last year. At the same time, the number of apartments sold in the quarter declined sharply. . .

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