Voters are nearly evenly divided on the proposed $700 billion financial sector bailout working its way through Congress.
“The poll also shows that wealthier voters support it by larger margins than lower income voters, with 48% of voters who earn $75,000 or more approving of the plan and just 12% of voters who earn less than $30,000 oppose the bailout.” Rebecca Wilder (RW): See, once you bring Congress into it, the politicking begins. Who cares about voters – it’s the taxpayers that they should be polling!
Banking Expert: Bailout Not Necessary, Industry Can Take Losses
“A banking industry expert, Bert Ely, who has a stellar track record in predicting crises and calling false alarms says that the banking industry can handle this mess internally and does not need subsidies.”
US home sales much worse than expected
“What happened to all this talk about the US housing market bottoming out?” RW: I know, and the housing market is the only mechanism by which the financial mayhem will end!
What we know for sure
“I have no doubt as we transition our economy to a new more equity-based model, the former scions of the now-discredited system will once again rise to the apex of power under a brand new flag.”
Joe Biden's history lesson off by 4 years and 1 president but otherwise pretty accurate
“Declared Biden: “When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened.'”
What's wrong with that, some might ask?
Well, for starters Republican Herbert Hoover was president when the stock market crashed in October 1929. Second, Roosevelt didn't take office until four years later. And, not to be picky, but there were also no televisions in use at the time. Radio was Roosevelt's favored medium.”
Officials Seek To Cleanse Mortgage Market Fraud
“On both the consumer and corporate sides of the coin, fraud has truly begun to stain the mortgage market.”
RW: And my favorite, favorite of the day!
All Hail Paulson!
“Our ancestors fought for freedom- are we going to just throw it away?”