The House Votes YES on the Revised Bailout Bill
Jillayne Schlicke on 10 3, 2008
Watch live on CNBC here. Speaker Nancy Pelosi addressing the House.
Voting on the AMDENDMENT now taking place.
So far:
263 Yea
171 Nay
218 needed
Update: Here’s the roll call.
Here’s how Washington State’s Representatives voted (district map)
Hat tip SeattleBubble:
YES:
- District 2 – Rick Larsen (D)
- District 3 – Brian Baird (D)
- District 6 – Norm Dicks (D)
- District 9 – Adam Smith (D)
NO:
- District 1 – Jay Inslee (D)
- District 4 – Doc Hastings (R)
- District 5 – Cathy McMorris Rodgers (R)
- District 7 – Jim McDermott (D) (voted YES first time around)
- District 8 – Dave Reichert (R)
CNBC reporting rumor that Fed will do an emergency 50 bps cut after the bill passes …hat tip CR
Will the bailout bill do what it’s suppose to do: help “stabilize the economy?” Perhaps the markets have been rescued…for now.
About the Author: Jillayne Schlicke
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“Will the bailout bill do what it’s suppose to do: help “stabilize the economy?” Perhaps the markets have been rescued…for now.”
The Dow was up 230 points before voting, right now it is up 75 points.
The economy still has fundamental problems – the bailout will solve none.
We will still have a recession and a deflation. The bailout will reduce the volatility in the markets. (Yesterday, the VIX reading was above 50 – which is rare and typically seen 3-4 times in a decade.)
However, the markets will still be in a downtrend.
I see Asian markets bottoming out here – especially Singapore and India and rally for the next 5-6 months.
Hi BombayTrader,
I wonder how long it will take for banks to start unloading their toxic waste?
From what I understand, once the President signs this bill it comes into effect. So it seems, banks can start the cash-for-crap exchange starting late Tuesday.
So, it will be like an oil-change – holding this huge economy together for sometime.
What is unclear is how the Fed and the Treasury intend to administer this plan ? That was never addressed the qualification criteria clearly in the plan.
Will it be based on reverse-auction ? ( Institutions holding similar debt instruments participate in a reverse auction and the Fed exchanges the instruments for cash with the lowest bidder )
Or will it be based on capital / credit requirements of the banks ?
[...] (for the 9th consecutive month); typically, this would improve mortgage interest rates. However, as Jillayne mentions, there are rumors of the FOMC cutting interest rates; which tends to increase mortgage interest rates (bonds react negatively to inflation). Last but [...]
In order to ease liquidity, the Reserve Bank of India (RBI) today cut the CRR rate by 50bps to 8.5% effective from Oct 11, 2008.
http://economictimes.indiatimes.com/RBI_cuts_CRR_by_50_basis_points_to_85/articleshow/3566949.cms
In all likelihood, other central banks, especially the People’s Bank of China and Bank of Japan, will initiate new liquidity measures later this week.
European Central Bank and the Federal Reserve Bank will suit soon.
The world is on the edge of a financial abyss …
Alas, superlatives fail me !!
http://online.wsj.com/article/SB122325337693906423.html
A 35 year-old ex-Goldman Sachs banker, Mr Neel Kashkari, will be heading the $700B bailout operations.
I hope and pray this is not going to be a “Heck of a Bailout” Brownie !!
Hey Bombay…didn’t you predict 9800 DJIA?
Yes – I predicted that the Dow would be 9,800 in two months when it was around 10,800. I had fantastic trades on the mini-sized Dow futures last week and this.
If you prefer charts, here is the link to the chart I just uploaded :
http://tinyurl.com/4lqweo
or visit bombaytrader blogspot com
Click on the chart for a finer image.
I see a strong support around 9,560, and if there is a rally or short-squeeze then the upside is around 10,700. Today, the Dow bounced back from an intra-day low of 9525.32 – which was around what I see as a strong support.
Think deeply, trade well.
BombayTrader.
In response to my post # 5 :
So, here we are !!
A fully coordinated interest rate cut has been announced by the Fed, ECB, BOE and the People’s Bank of China.
A beautiful trap has been setup for the short-sellers after the Asian markets closed today. A short squeeze in the futures markets tonight in Asian and then a short squeeze in the cash markets at the open tomorrow.
How many more days will this “artificially induced rally” hold up ?
The most decisive battles will now be fought over the next 10 trading days.
Think deeply, trade well.
BombayTrader