The $700+ billion bailout bill has passed through Congress and been signed by the President. The debate, the stock market volatility, and the lack of cogent reporting of events has left many of us wondering what in the world we have just witnessed.
MM calls it “Crap Sandwich 2.0.” In fact, she live-blogged the House debate.
While our government pats itself on the back for avoiding financial Armageddon, I wonder if they realize that the drama of the past few weeks is only the first layer to be peeled from this onion.
The next layer will begin to be pulled away next Monday, as settlement of credit derivative trades involving Fannie Mae and Freddie Mac are unwound.
On Friday, the Lehman auction is scheduled. WaMu follows one week later. That is, if anyone is left standing.
How many billions will have to come off the balance sheets at settlement? As interesting and unsettling as the past few weeks have been, we haven’t seen anything yet.
+++++
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Filed under: business and economy, economics, linkfests, Open thread, WFFOT | Tagged: business and economy, credit derivatives, de-leveraging, economics, Fannie Mae, financial Armageddon, Freddie Mac, House of Representatives, ISDA, lehman brothers, linkfests, michelle malkin, Open thread, peeling the onion, WFFOT |
no2liberals
Robert D
Nuke's 
The left seems to have pulled off the ultimate October surprise. A non-issue made huge by their enablers in the MSM. They will stop at nothing to get Hussein elected, even destroying America.
OJ Guilty! No link yet, It’s on Fox News.
Link is here.
How about that!
I believe they said 13 yrs to the day of being acquitted of murder.
Edit-Here’s the quote: Deliberations began 13 years to the day after Simpson was acquitted of killing his ex-wife, Nicole Brown Simpson, and her friend, Ronald Goldman, in Los Angeles.
And ended on the same day. Poetic justice?
there are no coincidences.
Good point. G’nite Nuke.
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Hell in a hand basket.
This piece of runny stool legislation is even worse than imagined. It gives the real estate market to the federal government.
So who will become the federal property manager?
/geebus
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