The Pig that Ate Washington

[mattfivefour]

OK, my American friends, explain this to me, please. this bill was to bail out Wall Street to prevent a total economic collapse. then what do the following provisions that are included in this 500 +/- page document have to do with that purpose?

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Think of political pork like a parasite. It does have purpose, but ususally not too important. It cannot live on it's own without a host. So individual bills of pork would never be passed because that would leave a definitive paper trail back to the money wasters and all those who voted in favor of.

The "bail-out" bill is like a run away locomotive-....very hard to stop. If you can attach your parasite to this high inertia bill, it's likely to pass and not be especially revealing as to who is responsible.

Good explanation, adopted son. Thanks!

[TexasThunder]

It will be interesting to see how Wall Street respondes to this bill in the morning. There is no guaranty it will work in the short term or long.

[Ruth]

It will be interesting to see how Wall Street respondes to this bill in the morning. There is no guaranty it will work in the short term or long.

Futures are already down 3 figures.

The Asian and Israel markets are down too.

It isn't looking good and the Fannie and Freddie roll overs take place tomorrow.

The commodities are taking hits as players are strapped for cash to meet margin calls and debt roll overs.

[Ruth]

On Monday 10-6-2008 Fannie Mae and Freddie will have the TRUE value of the Credit Default Swaps backed by their debt set. There will be a series of auctions which will be the largest settlement of the contracts in market history.

Four separate auctions will determine the VALUE of Freddie and Fannies debt. Both agencies have 1.6 TRILLION IN DEBT. The Credit protection involved ranges from several hundred billion dollars to 1.2 TRILLION.

22 DEALERS WILL FIND OUT HOW MUCH PROTECTION SELLERS WILL RECOVER AFTER PAYING OUT THE INSURANCE.

all times EST. 8:30am to 9:30am- initial bids submitted

4pm EST Final prices are calculated and published

[Mustang]

It is going to cost each U.S. household 17,000 for this bailout. Kind of ironic that you and I (taxpayers) just gave the banks all that money and out of their appreciation they will borrow us money but charge us interest on every dollar we borrow. The elite in our country are totally corrupt. Come voting time, I say vote them ALL out, vote for anyone, anybody, that's not in congress, or the senate now! Time to clean house! :mob

[WKUHilltopper]

It is going to cost each U.S. household 17,000 for this bailout.

Yeah, ain't it great! We get to pay to save them and then they get to foreclose on you.

[Ruth]

I finally found the silver lining in this very dark cloud:

They put the bail out in DOLLARS. By the time this nightmare all unfolds that $700 (now $850 billion) will only be enough to buy a 26 foot Sea Ray boat.

[RyanMac]

It is going to cost each U.S. household 17,000 for this bailout. Kind of ironic that you and I (taxpayers) just gave the banks all that money and out of their appreciation they will borrow us money but charge us interest on every dollar we borrow. The elite in our country are totally corrupt. Come voting time, I say vote them ALL out, vote for anyone, anybody, that's not in congress, or the senate now! Time to clean house! :mob

V For Vendetta!
People should not be afraid of their governments. Governments should be afraid of their people.