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solarbirdGood morning.
Karl at Market Ticker takes apart the Bush Administration's history of creating and enabling this credit crisis that is now being used to funnel taxpayer money to "bail out his screwup," even though it won't actually solve any problems, but will certainly give a lot of money to certain friends. Karl's particularly angry that Mr. Bush has used the exact same fear tactics that he's used for everything else on this action, but, well, yes. Karl also points out that the Congressional Budget Office says this will make it worse. Asian banks are worried about panics against US debt. Mish at Global Economic Trend Analysis urges people to write in telling them to scrap this disaster and start over, calling it a mad rush to judgement, but while CNBC reports that calls are running 300-1 against, it looks to me that, as usual, the political class has made a decision and the fix is in. (C.f. the joint statement from Sens. McCain and Obama.)
My favourite tidbit, tho', comes from this Treasury statement:
Meanwhile, the Fed has gotten even less capable of defending its target rate - overnight last night was 1.19%, a huge miss from the 2% target rate. The TED spread hit what is as far as I can tell a new record at 337 basis points before popping back down to a still-astronomical 308. Equities rallied on the realisation that there's no stopping this thing and that a lot of Wall Street is going to get hooked right up to the taxpayer - your - account.
Despite all this, I'm going to engage in a little bit of political protest tomorrow against this; we'll be meeting at 11:15 am at the coffee shop in front of Westlake Centre's main entrance facing Westlake Park. (The one that's in the little standalone building.) Come if you want; look good if you're gonna show up. I figure we'll be lucky to have four of five people, so every extra body counts. If you have any short, pithy sign suggestions, please let me know in comments.
eta: Thanks to![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-userinfo.gif)
nihilistic_kid for the Forbes link to the Treasury statement.
Karl at Market Ticker takes apart the Bush Administration's history of creating and enabling this credit crisis that is now being used to funnel taxpayer money to "bail out his screwup," even though it won't actually solve any problems, but will certainly give a lot of money to certain friends. Karl's particularly angry that Mr. Bush has used the exact same fear tactics that he's used for everything else on this action, but, well, yes. Karl also points out that the Congressional Budget Office says this will make it worse. Asian banks are worried about panics against US debt. Mish at Global Economic Trend Analysis urges people to write in telling them to scrap this disaster and start over, calling it a mad rush to judgement, but while CNBC reports that calls are running 300-1 against, it looks to me that, as usual, the political class has made a decision and the fix is in. (C.f. the joint statement from Sens. McCain and Obama.)
My favourite tidbit, tho', comes from this Treasury statement:
The $700 billion figure "[i]s not based on any particular data point. We just wanted to choose a really large number."Read that again. Okay, now read it again. Amazing, is it not?
Meanwhile, the Fed has gotten even less capable of defending its target rate - overnight last night was 1.19%, a huge miss from the 2% target rate. The TED spread hit what is as far as I can tell a new record at 337 basis points before popping back down to a still-astronomical 308. Equities rallied on the realisation that there's no stopping this thing and that a lot of Wall Street is going to get hooked right up to the taxpayer - your - account.
Despite all this, I'm going to engage in a little bit of political protest tomorrow against this; we'll be meeting at 11:15 am at the coffee shop in front of Westlake Centre's main entrance facing Westlake Park. (The one that's in the little standalone building.) Come if you want; look good if you're gonna show up. I figure we'll be lucky to have four of five people, so every extra body counts. If you have any short, pithy sign suggestions, please let me know in comments.
eta: Thanks to
nihilistic_kid for the Forbes link to the Treasury statement.
