Today we saw the House voted down the Wall Street bailout and the Dow went down 777 points and "cratored".
I am now watching Charle Rose interview 2 journals. One from Barrons and the other from the NY Times. Charlie keeps saying CRATER...CRATER..
They are saying this is as bad as the 30's. What questions do we have?
Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.
"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial institutions."
Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
Here are some quotes from the NYT that I got from Michael More.
"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.
"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial institutions."
While you may not agree with Mr. Moore, these statements and the main cause why Congress rejected this bailout.
I am pretty sure it will pass in some form.
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