patrick.net

it was the wooden arrow tax break that put it over the edge I think.

oooo, it's dropping like a rock.

They're not even going to give American people 4 hours before they let them know they were tricked.

OK Guys

Just what "regulations" do you think either party will support?

20% min down payment on a home? No more than 20 year mortgage? These rules would put downward pressure on home prices, and politicos seem to be saying that lowering house prices is bad. Besides, for Paulson's bailout plan to allow for the recoup of tax payers money, home prices would have to increase.

Change the bankruptcy laws to allow anyone to walk away while still keeping house and car? That would cause a shutoff of loans and credit cards to the low end monthly payment crowd. Forcing people to spend only as they earn would hurt a system they believe runs on credit.

Even so, we may see some laws passed that will limit people's ability to screw themselves by taking on too much credit. Those laws, however, would soon be overturned. The laws would be written "to protect from predatory lenders" and later overturned "to allow the lower class equal access to credit." After all, what lawmaker can resist his constituents appetite for unearned riches.

I hope there is so much pork in that bill that Wall Street gets nothing more than a $1.98 ( total ) and car fare. Better yet, make 'em walk.

Wow. 263-171.

We are so screwed!

They’re not even going to give American people 4 hours before they let them know they were tricked.

I can see it now. An exec of a bailed out Wall Street firm stops his Bentley at the light, rolls down his window and calls over a pedestrian. When the pedestrian approches the window, the exec says "Thanks for paying for my bonus!" He then blows cigar smoke in the pedestrians face, rolls up the window and drives off.

I wonder how Ms Nancy is going to spin the Dow drop after the vote? Maybe she will just say "If we are not re-elected, we all have nice job offers from Wall Street firms. You all can kiss my tucked and lifted bum."

Headset,

I think new regulations will mainly be of the sort that applies to financial companies, or at least I hope so.

--leverage limits for banks and investment banks must be by law and not by board action

--Credit Default Swaps must trade on exchanges

--Bonds of all kinds must trade on exchanges

--CDS outstanding denominational value cannot exceed underlying bond denomational value

and so on. That would be a start.

One of the main problems of US government is that entirely too many decisions and rules are left to a "board" which is appointed by the executive branch and can easily be corrupted by the financially powerful.

The other main problem is of course our truly disastrous election system of which I have spoken at length before.

http://clerk.house.gov/evs/2008/roll681.xml

Roll call.

Well, we all know what a camel is; a horse by committee.

I think the Plunge Protection is putting the floor in right now. The action is incredible suspicious.

Justme,

Good point. Those items you mentioned will protect buyers of the financial products and limit the pool of money banks use to lend.

But won't we still have Fannie/Freddie to buy up low quality loans?

Sure, Fannie and Freddie should be regulated, too. The regulation should say that the loan limits should be locked to the case-shiller median reached at the bottom of the cycle, and then adjusted upward only according to inflation.

As a side effect, this will incentivise the government to report true inflation numbers, since the REIC will force them to do so. 1/2 ;-)

And yeah, no less than 10% down under ANY circumstances, and 20% as the norm.

The traitorous, sold out, pork loving bastards that switched from No to Aye:

> Abercrombie
> Alexander
> Baca
> Barrett (SC)
> Berkley
> Biggert
> Boustany
> Braley (IA)
> Buchanan
> Carson
> Cleaver
> Coble
> Conaway
> Cuellar
> Cummings
> Dent
> Edwards (MD)
> Fallin
> Frelinghuysen
> Gerlach
> Giffords
> Green, Al
> Hirono
> Hoekstra
> Jackson (IL)
> Jackson-Lee (TX)
> Kilpatrick
> Knollenberg
> Kuhl (NY)
> Lee
> Lewis (GA)
> Mitchell
> Myrick
> Ortiz
> Pascrell
> Pastor
> Ramstad
> Ros-Lehtinen
> Rush
> Schiff
> Schmidt
> Scott (GA)
> Shadegg
> Shuster
> Solis
> Sullivan
> Sutton
> Terry
> Thompson (CA)
> Thornberry
> Tiberi
> Tierney
> Wamp
> Watson
> Welch (VT)
> Weller
> Woolsey
> Wu
> Yarmuth

The lone hero that switched from Aye to Nay:

McDermott

Fuzzy:

"I think the Plunge Protection is putting the floor in right now."

I don't think the traders know what to think or where to jump. About all I see across the board, stocks, commodities, currency, is indecision. Yeah stocks have given back what they had gained today, plus a little right now, but no really dramatic moves, a blip on currencies that actually stengthened the dollar just after the vote, before returning back onto the curve it was tracing earlier today, commodities mixed to slightly down overall, after being simply mixed earlier.

So did the traders expect the bill not to pass? I doubt it, unless they were all buying on rumor, selling on news.

But the Plungers kicking in? don't think so. They'd have to be working right across the board(s). You see any "Index" buying?

I await the first serious purchase decisions of our new Overlord, Hank the Gold Man, before the markets really start jumping out of their skins. 7500 anyone?

I wonder if Bush is going to simply skip the photo-op and just fax in his signature .

In any case, I bet Paulson and Bernanke have already worked out out what they are going to be doing this weekend.

Already Signed it. Couldn't wait for the fax.

Now we're starting to see negative press on the bailout bill. Fuckers.