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.

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