I agree that it has become too big.

 

And I think this bailout is part of the cronyism we've seen the last few years. Iraq was very profitable for lots of Bush's friends. Now it looks like this debacle will be profitable for another set of his friends.

 

Unbelievable.

 

 

This bailout benefits a great many Democrats, it is paying the piper for a long period of letting the foxes guard the henhouse.

Um, ok.... :blink:

 

Meanwhile, the price of a barrel of oil went up $18 today. :banghead

I agree that it has become too big.

 

And I think this bailout is part of the cronyism we've seen the last few years. Iraq was very profitable for lots of Bush's friends. Now it looks like this debacle will be profitable for another set of his friends.

 

Unbelievable.

 

 

This bailout benefits a great many Democrats, it is paying the piper for a long period of letting the foxes guard the henhouse.

Um, ok.... :blink:

 

Meanwhile, the price of a barrel of oil went up $18 today. :banghead

 

The US Dollar = toilet paper, that's why.

Correction: it was actually $25.45, the largest single-day price increase ever.

WSJ

 

WASHINGTON -- The federal government is working on a sweeping series of programs that would represent perhaps the biggest intervention in financial markets since the 1930s, embracing the need for a comprehensive approach to the financial crisis after a series of ad hoc rescues.

 

At the center of the potential plan is a mechanism that would take bad assets off the balance sheets of financial companies, said people familiar with the matter, a device that echoes similar moves taken in past financial crises. The size of the entity could reach hundreds of billions of dollars, one person said. U.S. Treasury Secretary Henry Paulson will hold a 10 a.m. EDT press conference Friday to discuss a "comprehensive approach to market developments." President George W. Bush will make a statement at 10:45 a.m. to discuss "decisive actions" the federal government is taking to address "the severe disruptions in our financial markets," Press Secretary Dana Perino said.

 

...

 

In addition, the Federal Reserve is expanding its liquidity programs, which should help money funds meet redemption demand. The initiative includes purchasing certain short-term debt obligations issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The Fed said it will also extend so-called non-recourse loans at the primary credit rate to U.S. banks to finance their purchases of high-quality asset-backed commercial paper from money-market mutual funds.

 

Meanwhile, the Securities and Exchange Commission proposed a temporary ban on short-selling on 799 financial stocks. The ban, which is effective immediately, is set to last for 10 days, but could be extended for up to 30 days.

 

 

So here's the thing...the stock market has obviously crashed and crashed hard since the china like ban on short selling, didn't make a lick of difference. NOW the ten days are set to expire this week and then what? Now traders can again short these stocks and we could see even more sell offs that make these past couple weeks look like a bull market. So do they extend the ban? Probably, but they are just extending the inevitable.

 

With all the other terrible news we've gotten recently, I completely forgot about this nonsense.

WSJ

 

WASHINGTON -- The federal government is working on a sweeping series of programs that would represent perhaps the biggest intervention in financial markets since the 1930s, embracing the need for a comprehensive approach to the financial crisis after a series of ad hoc rescues.

 

At the center of the potential plan is a mechanism that would take bad assets off the balance sheets of financial companies, said people familiar with the matter, a device that echoes similar moves taken in past financial crises. The size of the entity could reach hundreds of billions of dollars, one person said. U.S. Treasury Secretary Henry Paulson will hold a 10 a.m. EDT press conference Friday to discuss a "comprehensive approach to market developments." President George W. Bush will make a statement at 10:45 a.m. to discuss "decisive actions" the federal government is taking to address "the severe disruptions in our financial markets," Press Secretary Dana Perino said.

 

...

 

In addition, the Federal Reserve is expanding its liquidity programs, which should help money funds meet redemption demand. The initiative includes purchasing certain short-term debt obligations issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The Fed said it will also extend so-called non-recourse loans at the primary credit rate to U.S. banks to finance their purchases of high-quality asset-backed commercial paper from money-market mutual funds.

 

Meanwhile, the Securities and Exchange Commission proposed a temporary ban on short-selling on 799 financial stocks. The ban, which is effective immediately, is set to last for 10 days, but could be extended for up to 30 days.

 

 

So here's the thing...the stock market has obviously crashed and crashed hard since the china like ban on short selling, didn't make a lick of difference. NOW the ten days are set to expire this week and then what? Now traders can again short these stocks and we could see even more sell offs that make these past couple weeks look like a bull market. So do they extend the ban? Probably, but they are just extending the inevitable.

 

With all the other terrible news we've gotten recently, I completely forgot about this nonsense.

The article you are referencing above does say that it can be extended for 30 days. Most likely that's what will happen. The problem could be after those 30 days are over (towards the end of the month or so).