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Intrade Bailout contract:US Congress to approve a government bailout of banks on/before 31 Oct 2008
----Senate to vote on rescue plan Wednesday — The bailout package adds new provisions - including raising the FDIC insurance cap. Democratic sources told CNN that they expect bipartisan support.
The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.
The bill adds new provisions - including raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.
The vote is scheduled for after sundown, in observance of the Jewish holiday. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote...
The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.
The bill adds new provisions - including raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.
The vote is scheduled for after sundown, in observance of the Jewish holiday. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote...
Discussion:Jen Graves / Slog: Would You Like A Portable Confessional Unit?Debra / Big Brass Blog: Dear Mr. Bush — Shut up already. Obviously very few people care what you think.Doug Mataconis / Below The Beltway: Senate To Vote On Bailout Bill Tomorrow
RELATED:
J. Taylor Rushing / The Hill:
Senate to vote on bailout Wednesday — In a surprising development, Senate leaders Tuesday night announced a Wednesday evening vote on the $700 billion Wall Street rescue plan rejected Monday in the House of Representatives. — Senate Majority Leader Harry Reid (D-Nev.) …
Discussion:PoliPundit.com: Senate VoteJennifer Rubin / Commentary: Sanity Returns? — The Senate is apparently not enamored …
Dan Balz / Washington Post:
A Political Meltdown — A police officer patrols an empty hall …
A Political Meltdown — A police officer patrols an empty hall …
Discussion:Randyj / TIME.com: Balz: No Winners in Bailout Vote
Ali / Think Progress:
Glenn Beck, Jonah Goldberg fantasize about violently cutting open …
Glenn Beck, Jonah Goldberg fantasize about violently cutting open …
Discussion:Media Matters for America: Discussing economic crisis and bailout plan, Savage said Rep. Frank …Echidne / ECHIDNE OF THE SNAKES: WHACK! POW! $%^^$*&!Melissa McEwan / Shakesville: Is this what they mean...
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"Mark to Market" Accounting Rule DebateFrank Ahrens / Washington Post:
SEC Clarification May Help Markets — Some economists are attributing much of the current financial crisis to something as mundane-seeming as accounting. — The Securities and Exchange Commission and the Financial Accounting Standards Board have just made an announcement that, dry as it sounds …
Discussion:Hindrocket / Power Line: A BOOST FOR THE ECONOMY — As the economic crisis has deepened …Steve Bainbridge / StephenBainbridge.com: SEC Announcement re Mark to Market
RELATED:
U.S. Securities and Exchange Commission:
SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting — FOR IMMEDIATE RELEASE — 2008-234 — Washington, D.C., Sept. 30, 2008 — The current environment has made questions surrounding the determination of fair value particularly challenging for preparers …
Discussion:Taylor Marsh: SEC Speaks — Jim Cramer was on fire yesterday.Baseball Crank: BUSINESS: Unmarked To MarketJustin Fox / The Curious Capitalist: What part of mark-to-market don't you understand?Dan McLaughlin / RedState: SEC Clarification May Limit Role of Mark to Market Accounting
Carrie Johnson / Washington Post:
SEC Loosens Accounting Rule Banks Blame for Crisis
SEC Loosens Accounting Rule Banks Blame for Crisis
Discussion:Josh Marshall / Talking Points Memo: CHANGE WE CAN BELIEVE IN? — I'm checking with some economist friends of mine.
Newt Gingrich / Forbes:Suspend Mark-To-Market Now! — While Congress and the White House consider next steps, the Treasury and its fellow regulators should follow their own counsel and take without delay the one regulatory action within their discretion that can help immediately to calm markets and dramatically reduce the taxpayer risk in any necessary government intervention: suspend mark-to-market.
Chief economist Brian S. Wesbury and his colleague Bob Stein at First Trust Portfolios of Chicago estimate the impact of the "mark-to-market" accounting rule on the current crisis as follows:
"It is true that the root of this crisis is bad mortgage loans, but probably 70% of the real crisis that we face today is caused by mark-to-market accounting in an illiquid market. What's most fascinating is that the Treasury is selling its plan as a way to put a bottom in mortgage pool prices, tipping its hat to the problem of mark-to-market accounting without acknowledging it. It is a real shame that there is so little discussion of this reality."---
Discussion:Tom Maguire / JustOneMinute: Mark To Market — Newt Gingrich argues in favor of ending …Tom Petruno / Money & Company: To help banks, some suggest rewriting accounting rulesUsha Rodrigues / Conglomerate: Accountants to the rescue? Mark to market?
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The Crypt blog / Politico:House GOP leadership, conservative media, The Crypt mocked by Rush -- Rush Limbaugh opened his show today by piling on top of House Republican leadership for claiming that a crucial number of their members voted against the bailout package because of a partisan speech that Speaker Nancy Pelosi (D-Calif.) gave before the roll call.
“C’mon guys. Can ya grow up?” he said. “There were a whole lot of reasons for House Republicans to vote against this thing yesterday.” ...
Rush Limbaugh:
God Bless the House Republicans — BEGIN TRANSCRIPT — RUSH: I want to dedicate today's Dow Jones Industrial Average, it's at about 269, up at the moment, to the Republicans in the House of Representatives for their boldness yesterday. Greetings, ladies and gentlemen, Rush Limbaugh …
Satyam / Think Progress:
Rep. McCotter: ‘Terrible mistake’ …
Discussion:Peter Wehner / The Corner: Speaker Spoke — I consider Nancy Pelosi to be one of the …Myglesias / Matthew Yglesias: Embrace the Pocket SquareJennifer Parker / Political Punch: Blunt Steps Away From Claim That Pelosi Speech Cost a Dozen GOP Votes
Ryan Grim / The Crypt's Blogs:
House GOP leadership, conservative media, The Crypt mocked by Rush
House GOP leadership, conservative media, The Crypt mocked by Rush
Discussion:Matt Lewis / Townhall.com: Rush Limbaugh vs. Politico ...
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The Wall of Shame for Bob Steel
Mad Money with James Cramer / CNBC:Wall of Shame: Wachovia CEO Bob Steel -- Just two weeks ago, Wachovia CEO Bob Steel told Mad Money viewers that out of $500 billion in loans on the bank’s books, only $10 billion were bad. Today, Citigroup bought Wachovia “for a pittance,” Cramer said, because the actual total was $42 billion, and the FDIC was about to seize Wachovia...
More than anything, Cramer was mad at himself for letting his viewers down. He trusted Steel, who he’s known as a solid financier for 25 years, and he urged viewers to do the same. Cramer should have been more critical, more skeptical – especially during a time like this – but he wasn’t.
“I let you down,” Cramer said.
But what else went wrong? How could Steel have been in a position where he could come on the show and tout his, more or less, healthy bundle of loans? ...
Discussion:
Liestoppers: Duke University puts up a Wall of Silence
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- Congress Decides It Is Worth Risking Depression - Martin Wolf, Fncl Times
- Can Bush Get His Bailout Done? - Brian Wingfield & Joshua Zumbrun, Forbes
- Bankruptcy, Not Bailout, Is The Right Answer - Jeffrey Miron, CNN
- Will The Bailout Come Soon Enough? - James Galbraith, American Prospect
- Is the CDS Market the Next Disaster? - N. Archaver & K. Benner, Fortune
- Do Not Write Off New York & London - Michael Skapinker, Financial Times
- Bailout Vote Leaves Big Wall Street Names Hanging - D. Pauly, Bloomberg
- The Green Bubble Bursts - Ted Nordhaus & Michael Shellenberger, LA Times
- How To Lose An Empire - Gracefully - Paul Maidment, Forbes
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