Bailout Linkfest . . .
Comprehensive linkage as to where you can get the details of the tentative agreement:
• Bailout Bill: Discussion Draft.pdf
• Lawmakers Reach Accord On Huge Financial Rescue (Washington Post)
• Lawmakers Say They Have Breakthrough on Rescue Plan (Bloomberg)
• Summary of the Draft Proposal To Rescue U.S. Financial Markets (WSJ)
• Breakthrough Reached in Negotiations on Bailout (NYT)
• Three Men And a Bailout (Time)
• Man in the News: Hank Paulson (FT)
• Lawmakers Reach Tentative Bailout Deal (WSJ)
• Making A Mint: Despite public outcry, taxpayers are likely to come out ahead (Barron's)
• The Real Costs of the Bailouts (WSJ); see also What is it Really Going to Cost? (Newsweek)
• Bailout plan will help most Americans, but not as much as you might like (MarketWatch)
• A Memo from Wall Street to Wash DC (Barron's) If no Barron's, go here
• How it got this bad (Fortune)
• Timeline: Three Weeks of Financial Turmoil (NYT)
• 25 Harshest Reactions To the Wall Street Bailout (10 zen monkeys)
Wall Street Research:
• Confidence is a Function of Capital, Not Liquidity (The Institutional Risk Analyst)
• A View of the U.S. Subprime Crisis.pdf (Citibank)
• Urgent Appeal: Recapitalize Financial Institutions Rather than Bail Out Debt (Merk Funds)
• An Open Letter to the U.S. Congress Regarding the Current Financial Crisis (John Hussmann)
• Moral Hazard and the End Game ( Brown Brothers, Harriman and co)
• Pontificatus Interruptus (Cumberland Advisors)
• Why the Treasury TARP bailout is flawed (RGE)
• Who's Afraid of a Big, Bad Bailout? (John Mauldin)
Interactive / Video:
• Tentative Financial Bailout Deal Announced (WSJ)
• Financial Turmoil (NYT)
• Tally of Federal Rescues (NYT via Big Picture)
• Princeton: Crisis on Wall Street• Harvard Panel Discussion: Is the Crisis Real?
• Roubini: U.S. Bank Rescue Plan Is `Very Flawed' (Bloomberg)
• Bailing out the economy and 'averting serious consequences' (USA Today)
• 37 Bailout Cartoons and Bailout Cartoons, part II (Posterous/Big Picture)
• Bailout by the Numbers (Portfolio)
• How Much is $700 Billion? (USA Today)
• Spheres of Influence (Newsweek)
• Bailout Protest Videos (True Majority)
• Emergency measures (Marketwatch)
• What will the Bailout buy? (NYT)
• Parody: MAD on the bailout: Smells Like Greed Spirit (boingboing)
Related stories:
• Futures tick higher (Bloomberg)
• A nation of debtors (The Globe and Mail)
• Weakness will be just tip of the iceberg (MarketWatch)
• Economy in Trouble, No Matter Bailout Outcome (Real Time Economics)
• Money Markets Smolder While DC Debates (Barron's)
• Main Street turns against Wall Street (Fortune)
• How Financial Madness Overtook Wall Street (Time)
• A successful bailout? Watch lending between banks (AP)
• A Better Way to Aid Banks (Washington Post)
• Pelosi: Bailout means 'party is over' on Wall Street (USA Today)
• In praise of free markets (FT)
• Don’t Keep Talking Happy Talk (Newsweek)
• Nouriel Roubini's Ten Steps To Recovery (Forbes)
• Do Caps on Executive Compensation Really Work? (Time)
• Wall Street, R.I.P.: The End of an Era, Even at Goldman (NYT)
• Gold rises on safe-haven buying after plan stalls (MarketWatch)
• What the death of the investment bank means for Wall Street (Economist)
• Bailing Upward: Why Congress needs to suck it (The New Republic)
• U.K. Set to Nationalize B&B (WSJ)
• Wachovia Begins Early Deal Talks with Citi (Dealbook)
• Wall Street Executives Made $3 Billion Before Crisis (Bloomberg)
• Fixing the Paulson Plan (WSJ)
• Maybe Short-Selling Isn’t So Bad, After All (NYT)
• The "New" New Deal (The Big Picture)
• America Needs A New New Deal (WSJ)
• Why Mark-to-Paulson Accounting Won't Save Banks (Bloomberg)
• The Botox Bailout (blog maverick)
• HOW THE FINANCIAL CRISIS AFFECTS THE OLDEST PROFESSION (Slate)
• Short-sale ban disrupts trades for hedge funds (MarketWatch)
• Distress in the Financial Sector and Economic Activity (FRB)
• An Inside View of a Stormy White House Summit (WSJ)
• Regulators Seek to Increase Confidence in Fortis (Bloomberg)
>
Sunday, September 28, 2008 | 11:15 AM | Permalink
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Thanks for the links.Lets see how this plays out over the next few days.I think we will have a relief rally.
Posted by: TopForeignStocks | Sep 28, 2008 11:51:48 AM
futures dont start trading until 6PM
Posted by: noah | Sep 28, 2008 11:58:14 AM
Not so far off topic
http://ftalphaville.ft.com/blog/2008/09/26/16347/church-accused-over-short-selling/
« The Church of England faced accusations of hypocrisy on Thursday over its leaders’ attack on short selling and debt trading after hedge funds pointed out it uses some of the same practices when investing its own assets. . »
It is worth noticing that the city of London is promoting a new pair trade that is :
« short the markets and long the indulgences »
PS For those interested the only trade exchange for the indulgences is in the Vatican and the last heavy traders were Mr Blair and Mr Bush and only God knows if they are hedged?
Posted by: Philippe | Sep 28, 2008 12:06:40 PM
Rep. KAPTUR making too much sense for the politicos and crooks:
Ms. KAPTUR. Mr. Speaker, here is the latest reality game. Let's play Wall Street Bailout.
Rule one: Rush the decision. Time the game to fall in the week before Congress is set to adjourn and just 6 weeks before an historic election so your opponents will be preoccupied, pressured, distracted, and in a hurry.
Rule two: Disarm the public through fear. Warn that the entire global financial system will collapse and the world will fall into another Great Depression. Control the media enough to ensure that the public will not notice this.
Bailout will indebt them for generations, taking from them trillions of dollars they earned and deserve to keep.
Rule three: Control the playing field and set the rules. Hide from the public and most of the Congress just who is arranging this deal. Communicate with the public through leaks to media insiders. Limit any open congressional hearings. Communicate with Congress via private teleconferencing calls. Heighten political anxiety by contacting each political party separately. Treat Members of Congress condescendingly, telling them that the matter is so complex that they must rely on those few insiders who really do know what's going on.
Rule four: Divert attention and keep people confused. Manage the news cycle so Congress and the public have no time to examine who destroyed the prudent banking system that served America so well for 60 years after the financial meltdown of the 1920s.
Rule five: Always keep in mind the goal is to privatize gains to a few and socialize loss to the many. For 30 years in one financial scandal after another, Wall Street game masters have kept billions of dollars of their gain and shifted their losses to American taxpayers. Once this bailout is in place, the greed game will begin again.
But I have a counter-game. It's called Wall Street Reckoning. Congress shouldn't go home to campaign. It should put America's accounts in order.
To Wall Street insiders, it says ``no'' on behalf of the American people. You have perpetrated the greatest financial crimes ever on this American republic. You think you can get by with it because you are extraordinarily wealthy and the largest contributors to both Presidential and congressional campaigns in both major parties, but you are about to be brought under firm control.
First, America doesn't need to bail you out, it needs to secure the real assets and property, not your paper, that means the homes and properties of hardworking Americans who are about to lose their homes because of your mortgage greed. There should be a new job for regional Federal Reserve Banks. We want no home foreclosed if a serious work-out agreement can be put into place. And if you don't do it, we want a notarized statement by a Federal Reserve official that they tried and failed.
Second, taxpayers should directly gain any equity benefits that may flow from this historic bailout. We want the American people to get first priority in taking ownership of the institutions that want to pass their toxic paper onto the taxpayers.
Third, before any bailouts for Wall Street, America needs major job creation to rebuild our major infrastructure. America needs assets, not paper. We need working assets.
Fourth, the time for real financial regulatory change is now, not next year. A modernized Glass Eagle Act must be put in place. We need to reestablish locally-owned community savings banks across this country and create within the Justice Department a fully funded unit to prosecute every single high-flying thief whose fraud and criminal acts created this debacle and then forced their disgorgement of assets going back 15 years.
Fifth, any refinancing must return a major share of profits to a new Social Security and Medicare lockbox, where the monies can go to pay for a dignified and assured retirement for every American. This Member isn't voting for a penny of it. Those who created and profited from this game of games must be brought to justice. The assets they stole must be returned to the American taxpayers, right down to the tires on their Mercedes.
Mr. Speaker, I ask my colleagues to join me in cosponsoring my bill to create an independent commission to investigate these well-heeled wrongdoers. Real reform now, or nothing.
Posted by: SPECTRE of Deflation | Sep 28, 2008 12:09:14 PM
Your tax dollars at work:
http://volokh.com/archives/archive_2008_09_21-2008_09_27.shtml#1222499614
Hope this isn't in the final bill that's been drafted.
Posted by: Don | Sep 28, 2008 12:09:27 PM
Barry ...working harder with more energy than James Brown on his first cocaine tour... hopefully you'll be as influential in this business ...though I don't always agree with your slant on things ..your opinions always stem from intelligence and hard work...The hardest working man in the financial news business..maybe?..lol ..nice work
Posted by: brasil | Sep 28, 2008 12:09:59 PM
BR, how is it that a billionaire like Buffett, who stands to gain soo much (see recent investment of Goldman Sachs dependent on the bailout itself!!), is called upon with his jaded view, and allowed to possibly sway the negotiations.
I am floored, plus no one has mentioned this fact! Was Nouriel Roubini (or someone of a similar stance) also brought in by phone to give his view? I doubt it.
How are so many, so blind to this?
Posted by: Conflict of Interest Buffett | Sep 28, 2008 12:10:44 PM
Yes we CAN!
It is time to put aside politics and whole-heartedly support free markets and vote for this wall street bailout. The NYSE floor will be flooded with buy orders and our economy will rock again!
Posted by: N! | Sep 28, 2008 12:15:31 PM
I am stealing someone elses idea posted in a comments section of CR
Lets change the name from Wall Street to Red Square.
New chit-chat while sipping a $20.00 Martini
"Where do you work"
"I work for the people and our main office is in Red Square"
This will of course avoid any tainted association w/ WS.
Working for the people is the new black!
Posted by: Barley | Sep 28, 2008 12:22:41 PM
N! How is supporting this wall street bailout connected to a free market. A bailout would speak against such a setup?
Let the greedy market sort itself out, FDIC can assist in further WAMU like transactions of debt-laden banks, and no more taxpayer money spent on failed bailouts!!! (remember the july 2008 bailout anyone???)
Posted by: Free market? | Sep 28, 2008 12:33:46 PM
Thanks for all the links, Barry. (How do you do that, anyway?)
But the "25 Harshest Reactions to the Bailout" article is a disappointment. Buncha milquetoast whingeing.
By contrast, bloggers and commentators have given this criminal gang of looters a volley of shotgun blasts to the a$$ that left 'em whimpering on the ground.
Toast 'em, boys!
Posted by: Jim Haygood | Sep 28, 2008 12:41:31 PM
According to MSM accounts, Paulson only gets $250B up front. One can still hope that, after the election, Congress comes to its senses and finds a way to hold up the remaining $450B.
My own view: if we’re going to use taxpayer dollars to buy up assets backed by
real estate, we should at least wait until the value of that real estate has hit bottom.
Posted by: D.L. | Sep 28, 2008 12:43:21 PM
I'm thinking seizure of WB is just waiting for the big bailout. There are probably at least a dozen other banks waiting in the wings for the FDIC to swoop down and seize in the next week. Don't look for a rally, imho.
BR, awesome work. thank you for all your efforts.
Posted by: cloudy | Sep 28, 2008 12:47:04 PM
The upcoming rally will be the mother of all shorting opportunities or the mother of all rallies. (Obvious statement of the morning.)
For you contrarians out there, check out
http://google.com/trends?q=stock+market+crash&ctab=0&geo=all&date=all&sort=0
Posted by: hello | Sep 28, 2008 12:52:19 PM
N! How is supporting this wall street bailout connected to a free market. A bailout would speak against such a setup?
OF course, I agree with what you say. My comments above was just a sarcasm and NO WAY will I ever support it.
Posted by: N! | Sep 28, 2008 12:53:13 PM
Thanks Barry.
Geronimo!!!!!
Posted by: zell | Sep 28, 2008 1:04:46 PM
Barry,
You have owned this bailout discussion. The links you gave us to Hussman and Whalen were of the highest possible quality. Great work.
dgov
Posted by: dgoverde | Sep 28, 2008 1:12:14 PM
Shouldn't Grandpa Buffett be in Laguna Beach F'ing his mistress instead of in DC F'ing the country?
Posted by: Pacific | Sep 28, 2008 1:15:17 PM
Here is another reason why supplysiders shouldn't be pimping for a bail out.
http://www.theviewfromthepeak.net/newsblog/news.html
Posted by: OS | Sep 28, 2008 1:58:40 PM
Now that we seem to have some sort of plan of first action can we please stop the neurotic need to accept Great Depression 2.0 as the most likely outcome.
I know that scholars and pundits alike are in love with drawing the similarities but where Hoover and Congress sat on their hands, something is done now. At least we are not going to be sitting ducks. We might still keel over but at least go down fighting.
This Nation is rather good at taking quick action, without waisting time on multi-year think tanks (believe me this crisis has the potential to keep a few of those going for a couple of decades). Action now is crucial to have a fighting chance, let's worry about moral hazzard and the additional 2-3 Trillion needed (acc. to Mark Faber) after money properly circulates through the system again and the body is warming up.
And Barry, I concur with zell; the bailout is Pulitzer is long yours.
Posted by: EuroYank | Sep 28, 2008 2:08:57 PM
Warren Buffett is telling congressional negotiators that the nation is facing "its biggest financial meltdown in American history".
By an odd coincidence, Buffet is up to his eyeballs in insurance stocks, which hold a lot of mortgage-related assets.
At the same time, the only taxes that he has to pay are capital gains taxes; his average holding period is at least 10 years. So he’s not going to have to pay for any of this.
Posted by: D.L. | Sep 28, 2008 2:09:16 PM
OS's comment = mine
"MY" comment = OS's
No idea how that just happened.
Posted by: EuroYank | Sep 28, 2008 2:18:42 PM
Barry, I have come up with a new name for your occasional weekend "linkfest". I think you should call them Web-Cites.
Eric
Posted by: Eric | Sep 28, 2008 2:24:18 PM
One of the most fascinating links is this extraordinary argument from the Republican movement that there is no liquidity crisis, or rather that the crisis was created by the Bush administration: http://volokh.com/archives/archive_2008_09_21-2008_09_27.shtml#1222514432 «I can’t tell you how many members of Congress were stunned at that news, and were stunned that none of their local bankers were calling them. And then they called their local bankers, as I called my local bankers, and my local bankers said, “I think things are just fine.” I talked to one banker who said, “Gosh, we’ve got money, and we’re liquid, and we’re making a profit. And we’re in the market selling loans, and we’ve got competitors trying to sell loans against us.” So, at that point, there’s a disconnect. Secretary Paulson is claiming that this is a catastrophe of generational proportions that could go worldwide. And none of what we were hearing back home matches that. And I’m not speaking just for myself, but also for many of my colleagues who were making similar calls. They weren’t being called by their bankers, or by any of the businesses back home saying, “I can’t borrow any money”....» «Dick Morris had predicted that McCain would come out against the Paulson bailout last night at the debate and endorse the principles of the House Republican plan, which Morris had deemed a "brilliant move." Looks like McCain isn't quite a "brilliant" as Morris thought.» This is part of the brilliant Republican strategy to position themselves as the party of opposition, with McCain running against the record of the Democrat-support Bush administration; the narrative is that in the past 10-15 years the Democrats and their Bush administration have created the crisis by ramming big spending, big government policies against the determined Republican opposition led by McCain.
Posted by: Blissex | Sep 28, 2008 2:28:12 PM
Barry,
GREAT editorial in Barron's!
Posted by: Strasser | Sep 28, 2008 2:30:49 PM
