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Dow At 9567: The Bailout Saves Us All
Posted by: Dale Franks on Monday, October 06, 2008

Man, it's a good thing the politicians passed that bailout bill last week, isn't it? Bought all that stability to the market. Eased those credit crunch worries.

Yeah. That was really helpful.

Saw a great commercial for GMAC Bank 12-month CDs this morning. 4.65% for a 12-month deposit.

Impressive.

On the bright side, crude oil is now below $90 a barrel.
 
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Previous Comments to this Post 

Comments
Thank you! I was wondering when we were all going to get together and pop the champagne corks for the huge success that the bailout has clearly already demonstrated itself to be.

So, given they were wrong about the premise that it would stabilize the market, can we take it for granted that the other premises they postulated are also wrong, and that by and large they’re ’do have to do something!’ philosophy has proved to be as bankrupt as their ability to provide oversight when they should have originally done so?

I think this calls for an immediate withdrawal of all Senators and Congressmen (and the President) who voted for this turkey to over the horizon locations where they can do less harm.
 
Written By: looker
URL: http://
"When Black Friday comes
I’m gonna dig myself a hole
Gonna lay down in it ’til
I satisfy my soul"


(Steely Dan)
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php
I reiterate my objections to attribting short term market movement to a particular stimulae.

That aside, I wonder about this a little;

We’re being told that oil’s going down at the rate is is, largely on the strength of the dollar. Given interenational investments,paid for in foriegn currencies but measured in dollars, would this deflation cycle, not also account for some of the fall-off in the market?

I don’t mean to suggest it’s all of it, by any means, but I wonder about the degree of effect.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Gas futures almost touched $2 today. Heating oil is below $2.50. Add on the usual fed, state and local taxes and you have what the price at the pump or meter will be in a few weeks.

So it will be easier to drive to work if you still have a job. And it will be easier to heat your home if you haven’t been foreclosed. Just finding the silver lining here...
 
Written By: CR
URL: http://
I reiterate my objections to attribting short term market movement to a particular stimulae.
Bit, you’re probably right, but that wasn’t how the panic gang on the hill and at 1600 was selling this last week.

This was THE fix, this was THE answer and if we didn’t do it NOW, disaster would befall us and the dark forces of economic evil would rise up and strangle us in our beds and replace us with low retail value pod people within the next 24 hours. These guys are divorced from time/motion/function reality.

At least, having saved us this way, maybe when it comes time to ’save us’ from AGW a core of sanity might actually prevail and stop them.
But ya know, I doubt it.
 
Written By: looker
URL: http://
Todays ugly market (or great buying opportunity, as I see it) was the result of the foreign banking crisis. I’m no supporter of the bailout, but I don’t think it’s appropriate to blame it for failing to stabilize foreign markets and/or foreign banks. The process or realistically valuing mortgage-backed securities will take a while.
 
Written By: Skorj
URL: http://
Hey John,

Trade you those handjobs for the bl*wjobs that Frank, Dodd, and Oblowma was giving fannie mae and associated Clinton appointees.
 
Written By: capt joe
URL: http://
Gas futures almost touched $2 today. Heating oil is below $2.50. Add on the usual fed, state and local taxes and you have what the price at the pump or meter will be in a few weeks.

So it will be easier to drive to work if you still have a job. And it will be easier to heat your home if you haven’t been foreclosed. Just finding the silver lining here...
I bet Obama is practicing his bows for the economic improvement.
 
Written By: jpm100
URL: http://
Silly people. If they hadn’t passed the bailout, the market would obviously have gone much lower.

That’s my story and I am sticking to it.
 
Written By: timactual
URL: http://
This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground
Sorry, Bruce, I gotta.

America has a long and undistinguished history of populist politicians stacking the cards against lenders and in favor of risky homeownership. Proving that good intentions are no guarantee of good policy, President Jimmy Carter’s 1977 Community Reinvestment Act, which required banks to make loans to low-income people, was just another legislative leg-up for high-risk borrowers. If socially laudable but economically reckless laws cause entirely predictable problems for lenders, don’t be surprised if taxpayers have to bail them out.

The final proof that American social policies have made mortgage lending an unviable industry rests with Fannie Mae and Freddie Mac. If sensible business people don’t get into the mortgage industry because it is fundamentally a bad business, the American way has been to send in a couple of quasi-government agencies to fill the gap.

Fannie and Freddie dominated the mortgage industry because ultimately government was prepared to fund activities that prudent lenders would not. When their implicit government guarantee became explicit, America’s system of government-directed lending on socially desirable, but commercially imprudent, lending stood exposed.
In short, the only "indivisible handjob stroking irresponsible CEOs and CFOs with billions" that actually occurred was with Frank Raines, and Jamie Gorelick.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Sorry, Bruce, I gotta.
Do whatever you "gotta" but take it up with Dale - he wrote the piece.
 
Written By: McQ
URL: http://www.QandO.net
The Bush family deserves the 700 billion. they’ve done so much for us, now it’s time we did something for them by making them the richest of the rich. Just think what they can get done! They can start with killing everyone who isn’t in their image, the process hitler started but wasn’t able to finish!
 
Written By: JP Stephens
URL: http://
See Above and be sure to go to my site for some real streight talk!

http://mccaincan.blogspot.com/
 
Written By: JP Stephens
URL: http://
John McCain, Dr. Karl Rove, The President and Vice President just want to help American, not harm it! What we good Republicans want to do if fix the problems with Democracy to help people be more free! It’s a lot like our President’s "Help America Vote" program. It fixes the problem where sometimes the wrong people get elected. In fact, we need not go through all the trouble of performing the actual voting anymore since it’s obvious that the vast majority of Americans want Mr. McCain, Mr. Lieberman be our next leaders in conjunction with Vice President Cheney and Dr. Rove working in the background. And speaking of Dr. Rove, it a blessing (and a sorrow) that he’s left our President’s side to work on the McCain Campaign. The Paris Hilton ad is brilliant and it exposes all they (if you know what I mean) have on their minds and want to do to our virginal white women! Can you imagine the horror and the terror our women face if the get any power? I digress…So all that needs to be done if feed the population counts into our wonderful Diebolt Voting machines and we’ll have the proper counts. Simple? If you don’t agree with any of the above, may the sword of Jesus strike you down!
 
Written By: JP Stephens
URL: http://
Yeah let’s pop those Champagne corks, WOOHOO economic bad news...because it’s better there be an economic melt-down than anyone at QandO being wrong...Way to go guys and gals, you sound like the Democrats, now.
 
Written By: Joe
URL: http://
Forget that GMAC bank 12 month cd. You can buy GMAC bonds maturing in 1/14/2009 (only three+ months away) at 80. Assuming they mature you are getting a 25% cap gain plus three months of interest.
 
Written By: TheOldMan
URL: http://
Do whatever you "gotta" but take it up with Dale - he wrote the piece
Oh.
Oops.
Well, he’s right, of course.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Yeah let’s pop those Champagne corks, WOOHOO economic bad news
Yeah Joe, that’s EXACTLY what we meant, because we were just dying for it all to totally go to hell just so we could chorus "I told you so".

Get a grip. With one or two rare exceptions no one here wanted to see it tank just so we could do that.
The appeareance of being right, and angry about it, shouldn’t ever be confused with being HAPPY about it.
 
Written By: looker
URL: http://
"Do whatever you "gotta" but take it up with Dale - he wrote the piece."

Are you related to G. Bush somehow? You seem to have the same scapegoat gene.

************************

"because it’s better there be an economic melt-down than anyone at QandO being wrong..."

I knew it would happen. All that Ott Scerb stuff has driven him to the dark side. When you try to bend your mind to think like an Erb, sometimes it stays bent.
 
Written By: timactual
URL: http://
All they did was PASS the bailout, THEY HAVEN’T DONE ANYTHING YET. Having permission to buy the poison securities is not the same thing as actually doing it. The market will continue to drop like a stone, maybe with occasional dead cat bounces along the way, until these poison securities are taken off the balance sheets. 2000 points so far, and no reason to stop so long as these securities are unfairly valued at 0.
 
Written By: Captain Obviousness
URL: http://

 
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