Read the rest of the story at The Commercial Mortgage and Political Hotline at http://commercialmortgagehotline.blogspot.com
Thursday, October 2, 2008
The Message Of The Markets: Stock,Credit and Mortgage
The Message Of The Markets
The Senate passed the Bailout Bill 75-25 last night, in a fairly strong showing of bi-partisan support. Amendments were added to gain votes, and more importantly to entice some of the House members to vote yes without losing too many that had already voted yes and might now vote no.
True to form, some Senators got some minor cuts and bruises on the stampede to the microphone to trumpet the "great achievement" scored by the Senate as a result of the "hard work" that went into it.
We heard once again how this passage would "keep the economy from failing" and that this was not a win for "Wall Street, but for Main Street". In the meantime the bill is not a lock in the House, although it is said the added amendments should get it through. Also in the meantime, the economy is already in some pretty bad shape and there is a pain level on this fictional "Main Street" that is palpable.
Read the rest of the story at The Commercial Mortgage and Political Hotline at http://commercialmortgagehotline.blogspot.com
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We pore 10 billion a month in to main street in Bagdad, Now pore 10 billion into wall street. Us poor slobs on Main street come in a distant third for the crumbs