In the end, it wasn't even close.
So, depending on your point of view you're probably either greatly relieved or in some other state varying from mild amusement to anger to "torch-and-pitchfork" rage.
Me? I'm all outraged out.
Consider this an open thread and vent away.
"It must be said that Republican leaders and my colleagues in the House worked hard to improve this bill from the outset. House Republicans slowed down this process long enough to remove outrageous subsidies for liberal activists and trial lawyers and managed to include an optional insurance program."And because of the principled stand taken by House Republicans last Monday, the bank deposits of Americans are safer and the balance sheet of their local bank is more secure. Americans will see their bank deposit insurance rise from $100,000 to $250,000, and banks will now be able to value assets much closer to fair market value, increasing their capital and their ability to make credit available to working families, small businesses and family farms.
"But even with these important improvements, this legislation remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector and passes the cost along to the American people.
"I did not come to Washington to expand the size and scope of government.
"I did not come to Washington to ask working Americans to subsidize the bad decisions of corporate America.
"Therefore, I cannot support the Emergency Economic Stabilization Act of 2008.
"While this bill promises to bring near-term stability to our financial turmoil, I ask my countrymen, at what price?
"The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts a basic truth of our free market economy.
I'm guessing it will be in excess of $2T before all is said and done...
... and the taxpayers will never see a dime of any revenue that is generated from any asset sales down the road.
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Diplomacy is the art of saying 'Nice doggie' until you can find a rock.
If you had purchased $1,000 of Delta Air Lines stock one year ago, you would have $49 left.
With Fannie Mae, you would have $2.50 left of the original $1,000.
With AIG, you would have less than $15 left.
But, if you had purchased $1,000 worth of beer one year ago, drunk all of the beer, then turned in the cans for the aluminum recycling REFUND, you would have $214 cash.
Based on the above, the best current investment advice is to drink heavily and recycle.
I pledge to begin recycling my beer immediately. Hey Steve...uh, can I borrow $1000?
And it was also critical to lance the boil one way or another - either a definitive yes or no, instead of endless revisions in a toxic political atmosphere.
a new hedge fund has been launched:
Strategery Capital Management LLC
h/t QandO
I think I can say, and say with pride, that we have legislatures that bring higher prices than any in the world. ~ Mark Twain
And other than that......thanks for protecting us...and we'll see ya in Crawford
"40 million American households that read TMR are generally happier
than those people in households that don't read TMR."
"40 million American households that read TMR are generally happier
than those people in households that don't read TMR."