Failed Vote: economic impact Monday, September 29, 2008
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Well, by voting against the 700 billion USD aide package, Congress managed to have an even bigger impact on the market! As Bespoke Investment Group noted:
“However, with a decline of 6% today, the S&P 1500 has now erased $746 billion in market cap alone. This doesn’t even take into account the lost GDP that is likely to result from the continued deep freeze in the credit markets. Once again, Congress has done more harm than good for the ‘good of the people.’ What’s worse – that Congress couldn’t put partisanship aside and come up with a solution, or that we put any faith in them in the first place? Nice job Washington.”
Furthermore, Barney Frank came out saying that they “will assess the economic impact” of the NO. Well, maybe he should have a look at this chart:
The Mattress Fund Monday, September 29, 2008
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A bit of humor:
Government Bailouts Monday, September 29, 2008
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We’ve got a feeling that this is how a lot of people feel about the current proceedings:
It’s not a bailout! Friday, September 26, 2008
Posted by ei-forum in Rants.6 comments
Why does everyone keep talking about a bailout? People seem to forget that the government would actually be purchasing assets and not dishing out handouts!
As usual, it’s just politics getting in the way of things getting done. Naturally, we feel that markets should take care of themselves and that they ultimately would but since the politicians are not prepared to let things play out – quite rightly due to the critical situation that would ensue – then they should act in a swift and determined manner.
Why not take advantage of the situation to try and make the taxpayers some money on this deal?
Our take: a solution will be found, markets will rally and then realize that there are still a lot of problems out there and we will go back to volatility. This crisis will take a lot of time to play out … there is still a lot of deleveraging that needs to take place…
We still advise extreme caution.
Rudyard Kipling: If Friday, September 26, 2008
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If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you
But make allowance for their doubting too,
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
If you can dream–and not make dreams your master,
If you can think–and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ‘em up with worn-out tools:
If you can make one heap of all your winnings
And risk it all on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on!”
If you can talk with crowds and keep your virtue,
Or walk with kings–nor lose the common touch,
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much,
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And–which is more–you’ll be a Man, my son!
Treasury Sec. Paulson at Senate Banking Hearing Thursday, September 25, 2008
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We’re Back! Thursday, September 25, 2008
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We have been experiencing problems with our servers but it looks like everything has been sorted out and we are back!
Oil Spikes Again! Monday, September 22, 2008
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Markets remain very gittery with Oil prices just registering ths biggest one-day spike ever: up over $25 a barrel! Furthermore, it appears that the USD has also registered the biggest drop vs. the EURO since its inception.
Investors should remain very prudent.
Clear Explanation Of Financial Crisis Monday, September 22, 2008
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