Bailout Bill Fails

Incredible.

The stripped down version I thought was going to get passed through, that essentially which ever way you look at it, was a waste of tax payers money. It would have done nothing for the US economy, except solidify certain banks positions in the market.

I suspect the Fed will now cut rates and become majority share holder of certain ailing banks (choosing who will live and who will die) – as it has been doing. But I doubt the buying of toxic assets from banks and throwing them multi handed, infinite lifelines is ever going to see the light of day.

report here

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