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Senate passes financial bailout 75-24

[Update: 2 hours after the Senate passed the bailout bill by a wide margin, S&P 500 stock index futures are down 12 points, or a little more than 1%, roughly the equivalent of 120 points in the Dow Jones Industrial Average. I was suggesting, and I emphasize this is just a theory, that part of the reason the market recovered much of Monday's loss on Tuesday could have been due to the belief that a Paulson-plan-like bailout might not pass. Anyone with any common sense realizes that this plan is likely to cause massive problems, not least with moral hazard, in the future.

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Blog

Senate passes financial bailout 75-24

[Update: 2 hours after the Senate passed the bailout bill by a wide margin, S&P 500 stock index futures are down 12 points, or a little more than 1%, roughly the equivalent of 120 points in the Dow Jones Industrial Average. I was suggesting, and I emphasize this is just a theory, that part of the reason the market recovered much of Monday's loss on Tuesday could have been due to the belief that a Paulson-plan-like bailout might not pass. Anyone with any common sense realizes that this plan is likely to cause massive problems, not least with moral hazard, in the future.

10/01/2008
Bailing On the Bailout

This week, Wall Street was stunned as the House of Representatives rejected a bailout crafted by Treasury Secretary Paulson. The proposal would provide $700 billion in new spending authority to allow the U.S. Treasury to purchase the assets of failing investment banks. Despite the surprise victory, taxpayers are not in the clear just yet; the administration and Congress have embarked on an aggressive arm-twisting campaign to build the majority required to pass what would be essentially the same bill. The Senate may take up the bill as early as Wednesday. Despite the frantic calls for urgency, a better approach would be a more thoughtful examination of policy options for the overleveraged financial services sector.

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Press Release

Bailing On the Bailout

This week, Wall Street was stunned as the House of Representatives rejected a bailout crafted by Treasury Secretary Paulson. The proposal would provide $700 billion in new spending authority to allow the U.S. Treasury to purchase the assets of failing investment banks. Despite the surprise victory, taxpayers are not in the clear just yet; the administration and Congress have embarked on an aggressive arm-twisting campaign to build the majority required to pass what would be essentially the same bill. The Senate may take up the bill as early as Wednesday. Despite the frantic calls for urgency, a better approach would be a more thoughtful examination of policy options for the overleveraged financial services sector.

10/01/2008
Web Sites Focus Anger Against Bailout Bill

Five days ago, the Web site nowallstreetbailout.com appeared online and, within hours, organizers had printed out thousands of signatures from angry citizens who opposed the $700 billion bailout of the U.S. financial system and delivered them to House Speaker Nancy Pelosi's Washington, D.C., office. Adam Brandon, press secretary for the new site's sponsor, Freedom Works, a Washington "small government, less taxes" advocacy group, said the site had gathered nearly 30,000 signatures by mid-Tuesday and was preparing another paper drop before the next vote.

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Newspaper Article

Web Sites Focus Anger Against Bailout Bill

BY Justin Berton

Five days ago, the Web site nowallstreetbailout.com appeared online and, within hours, organizers had printed out thousands of signatures from angry citizens who opposed the $700 billion bailout of the U.S. financial system and delivered them to House Speaker Nancy Pelosi's Washington, D.C., office. Adam Brandon, press secretary for the new site's sponsor, Freedom Works, a Washington "small government, less taxes" advocacy group, said the site had gathered nearly 30,000 signatures by mid-Tuesday and was preparing another paper drop before the next vote.

10/01/2008
Bailout Brakes

"Well, if you're so opposed to a bailout of Wall Street, what would you do?" I get this question all the time from advocates of the proposed $700 billion Wall Street bailout here inside the Beltway. In the nation's capital, this is what passes for a plausible "defense" of bad policy proposed during times of crisis. "We must do something. Here's something. Do it. Now!"

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Newspaper Article

Bailout Brakes

BY Matt Kibbe

"Well, if you're so opposed to a bailout of Wall Street, what would you do?" I get this question all the time from advocates of the proposed $700 billion Wall Street bailout here inside the Beltway. In the nation's capital, this is what passes for a plausible "defense" of bad policy proposed during times of crisis. "We must do something. Here's something. Do it. Now!"

10/01/2008
Fear and Caution Rule in Congress' Bailout Vote

President Bush lobbied. Treasury Secretary Henry M. Paulson pleaded. Vice President Dick Cheney worked on conservative Republicans; House Speaker Nancy Pelosi coaxed liberal Democrats. Barack Obama lobbied gently. John McCain worked the phones and boasted about how effective he was. But all that leadership failed to command much loyalty in either party Monday. When the financial rescue plan came to a vote, two-thirds of the House's Republicans and two-fifths of its Democrats ignored their leaders' pleas and voted no.

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Newspaper Article

Fear and Caution Rule in Congress' Bailout Vote

BY Doyle McManus

President Bush lobbied. Treasury Secretary Henry M. Paulson pleaded. Vice President Dick Cheney worked on conservative Republicans; House Speaker Nancy Pelosi coaxed liberal Democrats. Barack Obama lobbied gently. John McCain worked the phones and boasted about how effective he was. But all that leadership failed to command much loyalty in either party Monday. When the financial rescue plan came to a vote, two-thirds of the House's Republicans and two-fifths of its Democrats ignored their leaders' pleas and voted no.

09/30/2008
House torpedoes bailout plan

The House of Representatives defeated the Administration's proposed bailout/buyout plan by 205-228. In the few minutes after the vote, the Dow Jones Industrial Average fell 700 points. After attempting a recovery, it fell again in the last hour and closed on the biggest closing downticks (i.e. the size of the drop between the next to the last trade of the day and the last, closing, trade of the day) that I've seen in 21 years of trading, closing down 777 points.

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Blog

House torpedoes bailout plan

The House of Representatives defeated the Administration's proposed bailout/buyout plan by 205-228. In the few minutes after the vote, the Dow Jones Industrial Average fell 700 points. After attempting a recovery, it fell again in the last hour and closed on the biggest closing downticks (i.e. the size of the drop between the next to the last trade of the day and the last, closing, trade of the day) that I've seen in 21 years of trading, closing down 777 points.

09/29/2008
Ten Reasons to Oppose the Wall Street Bailout

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Press Release

Ten Reasons to Oppose the Wall Street Bailout

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09/29/2008
After dramatic detour, John McCain's task is to get back on track

Republican presidential nominee John McCain returns to the trail today after a dramatic but rocky four-day detour that upended his campaign, upset supporters and gave new ammunition to critics who question his judgment. McCain will appear at a rally in Columbus, Ohio, in hopes of regaining the momentum he lost when he abruptly canceled campaign events and returned here Thursday to try to broker a $700-billion bailout of the crippled financial industry.

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Newspaper Article

After dramatic detour, John McCain's task is to get back on track

BY Bob Drogin

Republican presidential nominee John McCain returns to the trail today after a dramatic but rocky four-day detour that upended his campaign, upset supporters and gave new ammunition to critics who question his judgment. McCain will appear at a rally in Columbus, Ohio, in hopes of regaining the momentum he lost when he abruptly canceled campaign events and returned here Thursday to try to broker a $700-billion bailout of the crippled financial industry.

09/29/2008
VOTE NO on $700 Billion WALL STREET BAILOUT

Dear Member of Congress:

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Press Release

VOTE NO on $700 Billion WALL STREET BAILOUT

Dear Member of Congress:

09/28/2008
Bailout Plan Splits Free-Market Backers

A furious family squabble is raging among free-market advocates over the Bush administration's economic-rescue plan, between those who say let debt-ridden businesses fail and those who warn of a deep recession if government doesn't bail them out. The fight has divided conservatives as well their grass-roots supporters, who make up a large part of the Republicans' political base and threaten to undermine party unity in the middle of a close presidential election. That grass-roots backlash has to a large degree fueled House Republican opposition to the Treasury's bailout plan.

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Newspaper Article

Bailout Plan Splits Free-Market Backers

BY Donald Lambro

A furious family squabble is raging among free-market advocates over the Bush administration's economic-rescue plan, between those who say let debt-ridden businesses fail and those who warn of a deep recession if government doesn't bail them out. The fight has divided conservatives as well their grass-roots supporters, who make up a large part of the Republicans' political base and threaten to undermine party unity in the middle of a close presidential election. That grass-roots backlash has to a large degree fueled House Republican opposition to the Treasury's bailout plan.

09/28/2008

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