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Congress is about as helpful these days as a cold sore
At 9:00 this morning the 10 yr note traded down 16/32 at 2.71% +6 BP; mortgage prices at 9:00 were -4/32. The stock indexes at 9:00 were pointing to a weaker open after the 497 point rally yesterday. A big day today; this morning Bernanke and Geithner are testifying in Congress at Barney the Frank's committee in the House (again) on the AIG thing on paying bonuses. Congress is about as helpful these days as a cold sore. The Geithner plan announced yesterday is still being analyzed this morning; PIMCO and Blackrock have signed on to take part in the public-private plan to take assets off banks' books and freeing up the market in toxic assets. A bold program on the order of the RTC plan 15 yrs ago where private equity got 85% loans from the government to buy up failed S&L assets. A plan that some are worrying that banks themselves may balk at once there is a dollar amount attached to the junk they are stuck with. A plan that some worry that with Congress acting like school children that lost their ball to bullies and taking it out on first graders; will eventually want their cut if private ... more

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