(Why we’re not out of the woods yet)
The $700+ billion bailout bill has passed through Congress and has been signed into law by the President. The debate, the stock market volatility, and the lack of cogent reporting of events has left many of us wondering what in the world we have just witnessed.
While our government pats itself on the back for avoiding financial Armageddon, I wonder if they realize that the drama of the past few weeks is only the first layer to be peeled from this onion.
The next layer will begin to be pulled away next Monday, as settlement of credit derivative trades involving Fannie Mae and Freddie Mac are unwound.
On Friday, the Lehman auction is scheduled. WaMu follows one week later. That is, if anyone is left standing.
How many billions will have to come off the balance sheets at settlement? As interesting and unsettling as the past few weeks have been, we haven’t seen anything yet.
cross-posted at NN&V
-
Recent Comments
Derek on Baxter Int’l: Product co… nuke on DCA: Is this the cure for… Victoria Hicks on DCA: Is this the cure for… Carl on Dancin’ dawgs! State ni… asdf02 on Baxter Int’l: Product co… 
C-L Mississippi Briefs- Former governor settles into Navy secretary post July 6, 2009There are only a few signs that Ray Mabus' new office in the Pentagon belongs to him. A few pictures of his family sit on a table. A book featuring his photographs rests on the coffee table.
- McNair's mom says she's not angry July 6, 2009Her heart is filled with pain, but Lucille McNair won't let the tragic death of her son ruin all her pleasant thoughts, and how Steve McNair made her so proud.
- Relatives fear prison violence July 6, 2009The survivors from a prison attack two years ago at the Mississippi State Penitentiary at Parchman are now housed in the same prison as their attackers.
- Officer involved in 2 shootings July 6, 2009The Ridgeland police officer who shot and killed a 19-year-old shoplifting suspect June 28 is the same officer who shot and wounded a burglary suspect two weeks earlier.
- Counties rush to spend allocated bridge funds July 6, 2009More than a dozen counties are trying to spend $9 million in state money on bridge replacements before the state takes the money away.
- 31st Miss. Gospel Music Awards a big hit in Jackson July 6, 2009The 31st Mississippi Gospel Music Awards were presented Sunday evening in downtown Jackson.
- Promised Hinds raises in jeopardy July 6, 2009Hinds County supervisors said they do not want to raise taxes, leaving the county in a possible bind because supervisors promised to fund an estimated $1 million in raises for the Sheriff's Department.
- Dry conditions affect farmers July 6, 2009Mississippi farmers who saw vital planting time washed away by persistent spring showers are now in desperate need of rain as heat and abnormally dry conditions threaten to reduce grain crop yields significantly.
- Meridian 'gray water' deal in works July 6, 2009If all goes as planned, in about six years the city will begin to get paid for the treated sewage water that it currently dumps into Sowashee Creek.
- Dream comes true for Hernando dollmaker July 6, 2009To Deborah Napper, each child she meets is a "living doll."
- Former governor settles into Navy secretary post July 6, 2009
- NRO–The Corner
- Free Republic
- Canada releases Haiti of $2.3-mln debt
- Will Government Cap Our Potential For Nothing?
- Notice: "ALOT" is NOT a word [shameless grammar-Nazi vanity]
- Accused South Florida cat killer arraigned
- POLARIK springs some startling news re McCain's birth certificate.(interesting read)
- Obama's Russia visit to bring over $1.5 bln in deals
- Gay groups call off embassy protest during Obama visit
- Chrysler completes board of directors(Can anyone find someone who knows how to build cars?)
- Poll: Americans becoming more conservative
- Ed Anger Says: "Sarah Palin, We Hardly Knew Ye!"
- I've gotten the American Community Survey in the mail
- Obama, Medvedev Call for Cut to 1,500-1,675 Nuclear Warheads
- Obama's Afghanistan War of BLOOD FOR OIL: An Afghan Route for Caspian Oil
- JACKSONS WANTS TO DELAY NAMING OF ESTATE EXECUTOR
- Waxman-Markey cap-and-trade bill stuffed full of unpleasant surprises [You won't believe this]
-
contact:
pikecountytimes(at)gmail(dot)com -
- McComb E-J Headlines
- Celebration to honor Guardsmen July 5, 2009New Heights Baptist Church will honor area National Guardsmen deployed to the Middle East at the church’s annual Independence Day celebration tonight.
- Famed QB McNair found shot dead July 5, 2009NASHVILLE, Tenn. (AP) Former NFL quarterback Steve McNair, whose most noted drive was the final one of the 2000 Super Bowl, was found dead with a gunshot wound to the head Saturday afternoon in a downtown condominium. Police said a woman was also shot dead.
- Composer pens piece in honor of activist July 5, 2009JACKSON (AP) Corey Carter could hear music in his head a calm and subtle melody that hadn’t found its shape. The 19-year-old college student simply needed a hero to visualize before he could finish his composition for wind ensemble.
- What you missed July 5, 2009Other local headlines appearing in today’s print edition of the Enterprise-Journal:
- Celebration to honor Guardsmen July 5, 2009
- McComb E-J Opinion
- Editorial: Not ready for prime time July 5, 2009When “Saturday Night Live” premiered in 1975, its original cast billed itself as “The Not Ready for Prime Time Players.”
- Jack Ryan: An impressive president July 5, 2009Up front, I will say that this is a complimentary column about Dr. Mark Keenum, the new president at Mississippi State University.
- Editorial: Not ready for prime time July 5, 2009
- AP News Feed
- Obama, Medvedev agree to pursue nuclear reduction
- Ethnic riots spread in China's west; 140 killed
- McNamara, defense chief during Vietnam War, dies
- Service sector shrinks less than expected in June
- Iran's top leader warns West over alleged meddling
- Honduras slides toward greater instability
- Federal agency probes Disney World monorail death
- LA would `love' Jackson contribution for memorial
- Lean times at Pamplona for running of bulls
- Home Game: Cards' Pujols leads All-Star voting
- The Hill
- Vietnam-era Defense Secretary McNamara diesFormer Defense Secretary Robert McNamara, 93, died in his sleep early Monday at his Washington home, according to media reports.
- Back in session: House readies more spending billsHouse Democrats intend to move more spending bills to the House floor when they return from recess, despite Republican complaints of...
- Sides want say in consumer protection billFinancial services lawmakers and lobbyists will ramp up their efforts this week to shape legislation creating a consumer financial protection agency.
- National parties already gearing up for Massa seatCORNING, N.Y. -- The race between Mayor Tom Reed (R) and first-term Congressman Eric Massa (D-N.Y.) in New York already...
- Obama shifts to foreign policy challengesPresident Obama is focusing more on daunting foreign policy challenges even as healthcare reform, his top domestic agenda priority, faces...
- Biden: America cannot prevent Israeli strike on IranThe U.S. would not take steps to hinder any Israeli military action against Iran, Vice President Biden said in an...
- Obama’s Army pick nets $44M in earmarksPresident Obama’s choice to be Secretary of the Army has secured more than $44 million in earmarks for military projects...
- Schumer promises public option in healthcare billThe healthcare reform bill that emerges from Congress this year will include a government-run public health insurance option, Sen. Chuck...
- Mullen leaves door open for more Afghanistan troopsThe Chairman of the Joint Chiefs of Staff expressed confidence today in the U.S. military offensive in southern Afghanistan but...
- Vietnam-era Defense Secretary McNamara dies
- BBC News
- US and Russia agree nuclear cuts July 6, 2009US President Barack Obama and Russia's Dmitry Medvedev reach a deal to cut back their stockpiles of nuclear weapons.
- Scores killed in China protests July 6, 2009Clashes in China's restive region of Xinjiang leave at least 140 dead in some of the most serious violence in decades.
- Ex-Pentagon chief McNamara dies July 6, 2009Former US defence chief Robert McNamara, an architect of the Vietnam war who later regretted the US role, dies at 93.
- US troops killed in Afghan blasts July 6, 2009Six US soldiers with Nato-led forces are killed in two separate bomb explosions in Afghanistan, officials say.
- G8 leaders to set emissions goals July 6, 2009Leaders of G8 nations are to set a target to cut greenhouse gases by 80% by 2050, the BBC understands.
- Egypt mourns 'headscarf martyr' July 6, 2009The body of Muslim woman, stabbed in a German courtroom by a man who had insulted her religion, is taken back to Egypt for burial.
- Iran frees eighth embassy worker July 6, 2009Iran releases the eighth of nine detained UK embassy staff, as its supreme leader tells the West not to meddle.
- Eyesight 'breakthrough' for elderly July 6, 2009A ground-breaking laser treatment could prevent millions of older people from going blind, experts believe.
- Vatican Radio starts carrying ads July 6, 2009Vatican Radio - the voice of the Roman Catholic Church - starts airing commercials in a bid to raise revenue.
- The spider which builds body doubles to deter predators July 6, 2009A species of spider builds a life-like model of its own body to distract predators, scientists have discovered.
- US and Russia agree nuclear cuts July 6, 2009
October 5, 2008 at 1:12 am
I took the pledge – Have you?
Well the congress has done it.
As of the morning of the bail out vote in the House of Representatives, polls showed that the American people were 74% against any bail out for the Wall Street fat cats. We wanted a fix from the bottom up and not from the top down. Fix ‘Main Street’ not Wall Street we told them. They didn’t do it.
However they did agree with the bloated $700 billion the Senate passed for their greedy Wall Street friends with another $150 Billion of Pork. So now our children are on the hook for at least $850 billion and no one can tell us if it will work or will be the last.
Meanwhile, ‘We The People’ continue to lose our jobs and homes.
Our elected representatives have chosen to ignore us, ‘We The People’ whom they swore to represent.
They think we are stupid. They think we don’t have the guts to clean house. They think ‘they know better’ than we on ‘Main Street’ do.
So…
I have taken the Pledge:
I, (put your name here), will NOT vote for any incumbent in the upcoming election regardless of party or who the opposition may be. I intend to do my part in ‘throwing the bums out’ in Washington that continue spending my money on those that have wrecked our economy rather than the people who sent them there. This is my solemn pledge.
Mail this to your Representative and Senators, to all your friends and all news media, both local and national. Email this to all the talking heads on the cable outlets, Lou Dobbs, Bill O’Reilly, Keith Olbermann, Chris Matthews, Alan Colmes, Sean Hannity, Rush Limbaugh and with every blog and talk show host you know of.
Urge everyone you meet to take the Pledge.
This the only way we, the American People, will ever take back our own government.
They keep telling us that the only power we have is the vote. So… For once let’s use it!!!!!
Believe me… if we turn them all out THERE WILL BE CHANGE!!!!
Do we have the guts? Do you???
If not, then you don’t have any right to complain if they continue to screw us over.
October 5, 2008 at 1:23 am
both of my Senators and my Representative voted against it.