Thursday, September 25, 2008

A Bank Failure on a Thursday?

Not to mention, the largest bank failure in history. And, no, it couldn't wait another day. [The chairwoman of the FDIC] said that the bank’s rapidly deteriorating condition prompted regulators to seize it Thursday, and not on a Friday as is typical for bank closures. Of course, there may be some ulterior motive. A failure of such magnitude might galvanize congress into passing a bailout bill despite citizen protest. While McCain is posing for photo ops and bailing out on Letterman (punny!), the Republicans in the House, led by McCain, are stalling by suggesting a different plan. Albeit, the plan the Democrats are discussing is supported not only by Paulson and Bernanke but by Bush himself. Senator Dodd commented on the newly suggested bill saying, "Instead of being a rescue plan for our economy it was a rescue plan for John McCain." McCain's alternative would allow Wall Street companies [to] purchase insurance on mortgage-backed securities. It also [would advocate] tax cuts and relaxed regulations. We all know that taxes and regulations got us into this mess; maybe we should listen to McCain. Then again, McCain has said that he does not understand the economy very well. And undecided voters are beginning to agree with him.

Sober, by Tool. So symbolic!


MatchPointTrader said...

Nice summary with news links. Thanks CP for pointing to some interesting articles\videos.

Complacent Panda said...

Thank you for reading =)