Bailout Bill to Nowhere: Why we’re still not out of the woods


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.

+++++

This is the World Famous Friday Open Thread: A free speech zone.

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18 Responses

  1. 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.

  2. OJ Guilty! No link yet, It’s on Fox News.

  3. How about that!

  4. 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?

  5. there are no coincidences.

  6. Good point. G’nite Nuke.

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  8. 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.

    Section 110 of the Assistance to Homeowners Plan:

    General. To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures.
    In the case of a residential mortgage loan, modifications made under paragraph (1) may include: (A) reduction in interest rates; (B) reduction of loan principal; and (C) other similar modifications.

    So who will become the federal property manager?
    /geebus

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