Gawddamn. After nearly two weeks of screwing the pooch, from a communications point of view, all the reporters today are using the ‘Recovery Plan’ language because the Leadership, as demonstrated by Senator Kerry this morning, in Congress is doing the same thing. It’s about time since this is all an effort to help the economy and banking system recover.
John Kerry had at it with Bill O’Reilly on The Factor last night (h/t News Hounds) on the issue of the economic crisis. Watch it here: This afternoon, Kerry held a press conference to outline the urgency of passing comprehensive economic legislation to avoid the collapse of Wall Street from hitting families and business across the country. Kerry’s statement as prepared for delivery is as follows:
A group of Democrats are introducing a new piece of legislation of totally different from the one that’s been worked on for that last week and a half. Based on spotty information I’ve heard on MSNBC they wish to re-introduce a ‘transaction fee’ to every securities transaction. Apparently, according to what Congressman Pete DeFazio said, the Congress doubled this small fee during the Great Depression and it was only removed in 1966. They are proposing somewhere around a 1% fee, (I think I got that right), on each transaction. They say this simple action will raise around $150 billion a year Those Democrats emphasized that they believed this is a ‘credit’ crisis not a ‘liquidity’ crisis. Many would disagree. Many … Continue reading
As of this writing DOW is up 305 points. Now 299 points. Now 286 points. It could bounce another 100 points one way or another. This information comes from Yahoo Finance. A good portion of the up tick are people, like myself if I had any funds in the market, taking advantage of stocks that dropped significant amounts yesterday are buying today. If I was a day trader with significant funds a unbelievable amount of money could be made merely due to the volitity of the markets. MSNBC stock market analyst just analyze the markets the same way. UPDATE: I agree that the mess isn’t over. In fact the Dow continues to drop at a slow rate. One of the … Continue reading
Here’s some food for thought today after the Bail Out Bill failure in the House: What If We Had An Economic Apocolypse? What would happen? What would you do? Jazz Shaw explains on The Moderate Voice. I have to say one of the reasons I am moving to Maine is to live somewhere more economical that also provides me the opportunity to live a simpler life. If we all learned to live within our means the corporate ho’s wouldn’t be taking so much of our hard earned money! Oh… And incase you missed it, while watching the Bail Out Bill fail and the stock market take another huge dive, the Bush Administration side stepped Congress today, to pump $630 Billion Into Economy.
There’s a lot of finger pointing going on in the wake of the Bail Out Bill failure in the House today (see Roll Call vote here). Barack Obama said today that “he believed Congress would ultimately pass a proposed $700 billion financial bailout deal, despite its initial rejection by the House of Representatives.” “I’m confident that we’re going to get there. It’s going to be a little rocky,” said Obama, who added that “things are never smooth in Congress.” The Democratic White House hopeful said he had spoken by phone with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other lawmakers following the rejection of the measure by the House. “The stability of our entire economy is at risk so … Continue reading
What a wild roller-coaster ride the last few days and certainly the last few hours have been! I’m just relieved that the market is closed right now because I was getting dizzy watching it. There’s a lot of wild stuff in today’s Ten Post Round-Up. But, before we get into that, let’s see what our favorite uncle has to say about all this: Uncle Jay Explains The News. On with today’s round-up:
UPDATE #3 Pelosi has made her statement that this had been a wholely bipartisan effort. Barney Frank said he was incredulous that ‘people could get their feelings hurt so they hurt the country instead.” Everyone is making the point that each member of leadership made a commitment to deliver a certain number of points. The Democrats delivered more than they promised. The Republicans couldn’t deliver their votes. Chuck Todd, the political analyst, points out that anyone with a tight race voted against this bill including Mark Udall of New Mexico running for the Senate. He earlier, though, made the point that of the 12 votes that apparently changed this morning on the Republican side only 5 were in tight races. … Continue reading