Congress passed a modified version of the Paulson plan today 263-171. The only thing worth reading in this awful piece of legislation hustled through by an unholy convergence of short-sighted interests was this:
“Paulson last week urged Congress to immediately give him almost unchecked legislative authority to take action. Lawmakers responded by demanding increased oversight, more aid to prevent foreclosures and limits on executive compensation at companies that benefit from the program.”
Here’s H.R. 1424, in which the first part is the Emergency Economic Stabilization Act.
Bring on the Great Collapse, Baby! I see the stock market went down on the news… to which I say “Ha ha ha!” with as much contempt and derision as I can muster. The Dow will eventually go to multiples of the all time highs… in nominal terms anyway, since the Dollar is destined to go to zero. Precious metals are on sale… accumulate them, stash them, and keep quiet until after the confiscation orders are lifted. (That will be after the new currency is issued, which will itself be after the new governments are formed.)
I told people I knew to ignore the Dow. What is it, a Babylonian god?
I’d like to see some of the positions that day, by the way.
The markets are saying – You sold out, for what?
The Fed already put in credit last week…almost 700 billion. Didn’t do anything.
We could have got mark-to-market suspended without giving up anything to the bankers
.
And raising FDIC caps – that’s a swindle, too, longterm.
And for that, we violated the constitution, officially suspended free markets, and crowned King Henry.
Wait for all the bailees-in-waiting to trot out.