Monday, September 29, 2008

Bailout WTF? 

I mean really. If we needed any further evidence of Congress' detachment from reality, this is it. Looks like they picked the wrong week.

I guess the FDIC will have to do it.
Citigroup will assume the first $42 billion on losses tied to Wachovia’s riskiest mortgages and will pay the Federal Insurance Deposit Corporation $12 billion in preferred stock and warrants. In exchange, the F.D.I.C. will absorb all losses above that amount.


By Blogger smitty1e, at Mon Sep 29, 03:24:00 PM:

There are good precedents, and bad precedents.
This nay vote could be an important move in the direction of sobriety for the Fed.
Admittedly, I'm an optimist.  

By Blogger Yishai, at Mon Sep 29, 03:33:00 PM:

Hopefully it will force Bernanke's hand to lower interest rates down to 1%.  

By Anonymous Anonymous, at Mon Sep 29, 09:15:00 PM:

Kind of reminds me of the Jets stadium on the West Side. And you know what? It didn't get built, and neither the world nor the New York Jets ended.  

By Anonymous Anonymous, at Mon Sep 29, 10:14:00 PM:

Question for Mindles: Could you explain where the $630 billion is coming from that the Fed will use to keep banks liquid?  

By Anonymous Anonymous, at Tue Sep 30, 09:38:00 AM:

Another question for Mindles. If your tone is rightly indicating you are for the bailout, I'm wondering -- you have always seemed to be anti-government-interference in the markets in the past, so what's different this time? Is it just, if mommy is giving me a cookie, I like her, but if she's making me eat my meat or do my homework, I don't?

Do you feel the government somehow is responsible for the mess, like if had regulated less it wouldn't have occurred, so you want it to clean it up?  

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