Headlines...

NEW -> Contingent Buyer Assistance Program
As bad as America is when it comes to consumerism, we are NOTHING compared to the teenie-bop, tabloid filled, superficial culture of Great Britain. Every reality tv show, tabloid, gossip magazine, or tv repair show is magnified to the 10th degree.
 
[quote author="lendingmaestro" date=1222833633]As bad as America is when it comes to consumerism, we are NOTHING compared to the teenie-bop, tabloid filled, superficial culture of Great Britain. Every reality tv show, tabloid, gossip magazine, or tv repair show is magnified to the 10th degree.</blockquote>


Hey, give us mortgages for 125% of the purchase price too, I'm sure we can give them a run for their money...
 
<span style="color: red;">Here we go again...</span>



<a href="http://news.yahoo.com/s/ap/financial_meltdown">Senate to vote on financial rescue plan on Wed. </a>



<img src="http://tbn0.google.com/images?q=tbn:NbOrWXPDzFsgcM:http://blogs.chron.com/realrehab/archives/pictures/just_say_no.gif" alt="" />
 
WTF! The same plan plus a tax cut?



Tax cut?!?!?!?!?! The national debt hits $10,000,000,000,000.00 and they propose a tax cut!



We have a $500,000,000,000.00 deficit and they proposed $700,000,000,000.00 more spending and a tax cut!



ARGH!
 
I was wondering, why the Department hasn't considered the possibility of doing some sort of bond-swap for the the distressed assets. Could the Treasury Dept. issue zero coupon treasuries with staggered maturities, say 1,2,3,4,5 years, in exchange for the MBS instruments?







My thinking is that since zero coupons are sold at a deep discount, it would allow the Treasury to swap "dollar-for-dollar" in value with these distressed assets, ensuring that we don't overpay for them. This could perhaps be done with traditional treasuries as well, or some combination of the two. I personally like the idea of a zero coupon because of its cash flow implications for the US.







The financial company's balance sheet would then be vastly strengthened since they are holding AAA US debt. The Gov't would then be the owner of the distressed bonds and will have the ability to perhaps modify them to enhance cash flow and the probability of future sale for profit.
 
<span style="color: green;">Merry Christmas!</span>



It sounds like the Senate will be voting tonight on a bailout package that looks a bit like a christmas tree, with ornaments for everyone: it includes tax breaks for businesses and alternative energy and higher government insurance for bank deposits.



The Senate vote will likely be tonight, probably around the time of the 7th inning stretch during the Angels game.



House leaders aren't all that happy with the Senate version, though.
 
[quote author="Thankful_Renter" date=1222937540]<a href="http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm?postversion=2008100121">Senate Passes Bailout</a></blockquote>


There are 25 heroes in the Senate.
 
[quote author="awgee" date=1222937958][quote author="Thankful_Renter" date=1222937540]<a href="http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm?postversion=2008100121">Senate Passes Bailout</a></blockquote>


There are 25 heroes in the Senate.</blockquote>


There aren't enough heroes left in the world awgee... This'll get past the House now.
 
<i>"One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We're no longer interested in finding out the truth. The bamboozle has captured us. It is simply too painful to acknowledge -- even to ourselves -- that we've been so credulous"</i> -Carl Sagan
 
Let the lawsuits begin! <a href="http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/wells_fargo_wachovia_20">Wells Fargo offers $15.1B for Wachovia, FDIC says no...</a>
 
As you may know (or at least expected), <a href="http://money.cnn.com/2008/10/03/news/economy/house_friday_bailout/index.htm?postversion=2008100315">President Bush signed the bailout bill</a>. It's now law.



Here's a link to the <a href="http://money.cnn.com/2008/10/01/news/pdf/">final text</a>.
 
Whoa. As of right now, the Nikkei index is down 4% and keeps dropping by the quarter point every time I look. If this keeps up, 6 a.m. isn't going to be pretty.
 
Coldwell cries "UNCLE"



http://www.reuters.com/article/bondsNews/idUSN0228964320081006?sp=true



NEW YORK, Oct 6 (Reuters) - One of the largest U.S. real estate brokerages on Monday said it is <strong>asking its sellers to cut listing prices by as much as 10 percent </strong>to kick-start U.S. home sales in a market plagued by a two-year price slump and near-record unsold supply.





Most owners still are unrealistic when pricing their homes, and a reduction of <strong>10 percent or less </strong>would push the properties "over the tipping point to a sale,"



Don't they really mean <strong>"or more"?</strong>
 
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