On the other hand, while prudent, the Republicans worked to scale back the package. However, if it fails, they are now in a place to catch all the blame. Moreover, Wachovia along with two Euro banks failed over the weekend. Future bank failures, however unpreventable, may end up on the laps of Republicans who called for less cash up front.
The Wall Street Journal and the Investors Business Daily seem to think this will have little to no impact on the taxpayers because of the stock provisions, and the ability to buy mortgages on the cheap. That seems overly optimistic. These are the same publications who lauded these Wall Street firms for creating mortgaged back securities. They along with Al Greenspan thought spreading all this risk around was a good thing, that looks very short sighted now.
Buckle your seat belts...
5 comments:
I'm still a bit undereducated on this whole thing, so I'm not really in a position to comment much. I'd still like to hear Rob's take on the current proposal. What do you guys think about all those who gripe about this fix coming out of their tax payin' pockets. Is this a valid grumble?
I think its valid, not to say that it should have stopped the program from going forward, but to say the responsibility of government is to use our money wisely.
Dudes, it just got voted down. What's gonna happen here? We gotta get Rob and possibly 'ol cousin Bob Runyan on line ASAP.
i know CRAZY. they will get something done. but as they punt this thing up and down the beltway banks are failing the dow is off 650 points and the S&P in down 7%
check that the Dow closed down 777, unreal. Jim Cramer is on TV screaming his head off saying if this doesn't get passed ASAP the dow staring 8,000 square in the face
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