Replies to post #2638 on °¿°

[AnderL]

the urgency might have been because congress was leaving next week so they held out until congress was under the gun and made it seem like it can't wait till the get back. paulson might not be around by that time because there will be a new president elect.

maybe some investment banks tittering too. with every implosion we get a peak at the toxicity and how wide spread it is, who is infected. only so many more. AIG was critical, when the insurance goes up in smoke then the risk on all CDOs rockets up. valuations plunge further. blows up another batch of banks.

my guess no credit for xmas, sales down. also dow theory isn't working transports still down today. nas and semis underperforming and they signal intermediate bottoms. so this is a short cover financial rally they is giving some sympathy to the rest of the markets. advancers/decliners are not decisively going in either direction.

[Myself °¿°]

Headline News

Reuters
JPMorgan Buys WaMu's Deposits as Thrift Is Seized by Regulators
Bloomberg - 23 minutes ago
By Ari Levy and Elizabeth Hester Sept. 25 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest US bank by assets, agreed to acquire the deposits of Washington Mutual Inc. as the thrift was seized by regulators in the biggest bank failure in US ...
JPMorgan buys WaMuCNNMoney.com
JPMorgan to buy Washington Mutual deposits: WSJReuters
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all 615 news articles »

Reuters
McCain move upsets Wall St bailout talks: Dems
Reuters - 49 minutes ago
By Kevin Drawbaugh and Thomas Ferraro WASHINGTON (Reuters) - Negotiations toward a massive bailout for Wall Street fell into disarray on Thursday after Democrats said they learned in a White House meeting that presidential candidate Sen.
Democrats Say Rescue Plan Talks Snagged After Meeting (Update3)Bloomberg
Bush, McCain, Obama have historic West Wing huddleInternational Herald Tribune
guardian.co.uk - Rock Hill Herald - New York Times - MarketWatch
all 663 news articles »

Voice of America
Lawmakers split over bailout
CNN - 2 hours ago
Democrats say they reached bipartisan agreement on set of principles, but Republican balk. White House meeting contentious. By Tami Luhby, CNNMoney.
Video: Historic Bailout of Financial Industry Is NearAssociatedPress Tentative meltdown deal: Bush, McCain, Obama meetInternational Herald Tribune
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Boston Globe
US, Pakistan troops exchange fire on Afghanistan border
Los Angeles Times - 57 minutes ago
The Pentagon calls it a misunderstanding and denies that US helicopters crossed the border into Pakistan's tribal regions. By Julian E. Barnes, Los Angeles Times Staff Writer WASHINGTON -- US and Pakistani forces exchanged gunfire Thursday along the ...
US troops clash with Pakistani forces near Afghan borderThe Miami Herald
US, Pakistani troops exchange fireReuters India
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Ghana Broadcasting Corporation
World leaders recommit to poverty goals
Reuters - 1 hour ago
By Lesley Wroughton UNITED NATIONS (Reuters) - World leaders recommitted themselves to reducing global poverty, pledging an estimated $16 billion in aid, but France said rich countries were strapped by a spreading crisis in financial markets.
Global poverty: We must act, PM urgesguardian.co.uk
Ban: About $16 bln pledged at UN summit to combat povertyXinhua
Buzzle - International Herald Tribune - Aljazeera.net - China Daily
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[Myself °¿°]

Current Vs Trying to see into next year...
I can imagine this bailout package "when passed"
will probably make an upside attempt to breakout of the weekly SPX wedge.
This should be a good shorting opportunity as the VIX is relieved some. #msg-32261674
We might have to wait until the deal gets fine tuned.
Anticipation of this event grows.
Meanwhile...
both short and long HUGE move wishful thinking trades could be thwarted
by the fits and starts of (deal no deal) and (fine tuned).

Bush speaks about the bailout plan before the open this time.
Deja vu?


(VTrd) "Light Blue" = (Volatility trend) also lower Bbands in this chart


Ignore the ma's they are for a daily chart setting

[Myself °¿°]

Here's my spin

Why would Nancy Pelosi make an extreme left partisan speech when this was supposed to be a bipartisan package effort?
She had no business doing it and the republicans shouldn't have taken it so personal when she did.
Wall Street had no choice but to punish everyone
It's not over.....................................................yet

[Myself °¿°]

Ya can't talk the markets up...
They passed the bill... the markets sold off.
A global effort tool place Interest rates were cut and the markets sold off.
Why...
Because it takes time for money to get into the system.
SoFar This G-7 meeting is more talk... so until we see real action shouldn't we expect the same results?
I think so...
I believe another shorting opportunity may be on it's way.
But when the real action does come... look for a 20+% pop. After that it's euphoria and distribution only to fall again.
btw coming up on another Full moon: 13:02 Tuesday, 14 October
I don't know about you but I'm trying not to do anything dumb... Not huge anyway:)

Bush Says U.S. Must Take Lead in Solving Crisis (Update3)
By Catherine Dodge
Oct. 11 (Bloomberg) -- President George W. Bush, meeting with ministers from the world's richest nations, said the U.S. has an obligation to help coordinate a global solution to the biggest financial crisis since the Great Depression.

``The United States has a special role to play in leading the response to this crisis,'' Bush said today at the White House after holding talks with finance ministers from the Group of Seven nations. ``We must continue to work collaboratively and ensure that our actions are coordinated.''

The White House session follows a meeting of finance ministers and central bankers yesterday in Washington, their first gathering since stock indexes this month plunged more than 20 percent from Japan to Europe to North America. In a statement after their meeting, the policy makers said they would ``take all necessary steps to unfreeze credit and money markets,'' without detailing how that would be accomplished. The officials promised to ensure major banks have access to cash and are able to tap public funds for capital.

In Europe today, French President Nicolas Sarkozy and German Chancellor Angela Merkel renewed calls for joint action by European governments to tackle the financial crisis, saying the 15 nations that share the euro will set up a ``toolbox'' of measures to respond to the turmoil.

The Group of Seven consists of the U.S., Japan, Germany, U.K., France, Canada and Italy. Bush later met with finance officials from the Group of 20, which includes China, Brazil and other emerging markets, for the first time. He told them that developing nations were also threatened by the crisis and that every country should work together to beat it.

Volatile Markets

U.S. Treasury Secretary Henry Paulson, who also attended today's White House meeting, indicated yesterday that pumping government funds into banks is a priority and said financial markets will remain volatile.

``We see the need -- a clear, present need -- to raise capital,'' Paulson said at a press conference. ``We need to restore confidence.''

The purchases of equity in banks and financial institutions, the newest part of a rescue plan engineered by Paulson, would be aimed at sustaining banks and other financial institutions through the worst credit crisis in seven decades.

The U.S. Congress last week passed legislation allowing the Treasury secretary to spend as much as $700 billion to buy mortgage securities and other troubled assets and to purchase equity in banks. Paulson declined yesterday to give a timetable or details about the purchases.

Markets Slide

U.S. stocks fell for an eighth straight day yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.

The director of the Congressional Budget Office, Peter Orszag, told lawmakers last week that pension and retirement accounts in the U.S. may have lost as much as $2 trillion since last year.

Bush's statement today was his second on the financial situation in as many days as he seeks to reassure Americans that their government is taking action to solve the credit crisis that is creating widespread uncertainty throughout the global economy.

The president said the actions the U.S. is taking to restore stability in the markets are being implemented ``as quickly as possible.'' Still, he said, ``the benefits will not be realized overnight.''

In his weekly radio address, Bush outlined steps his administration had already taken to help prevent future home-mortgage foreclosures by ``making it easier for responsible homeowners to refinance into affordable mortgages'' insured by the Federal Housing Administration.

``Supply and Demand''

Home prices have dropped because ``the supply of homes now exceeds demand,'' Bush said. ``Once supply and demand balance out, our housing market will be able to recover,'' helping ``our broader economy,'' Bush said.

Delivering the Democratic radio address in response to Bush, vice-presidential candidate Joseph Biden said home values and ``the economic health of our communities are tied to one thing: jobs.''

Biden said he and Democratic presidential candidate Barack Obama support ``investing $60 billion in infrastructure to rebuild America, putting millions to work in renewable energy'' and ``investing in education.''

The Delaware senator said ``all our plans for the future are about creating jobs.''

To contact the reporter on this story: Catherine Dodge in Washington at [e-mail].

Last Updated: October 11, 2008 19:52 EDT
http://www.bloomberg.com/apps/news?pid=20601103&sid=a2cPzzOjY8Xk&refer=us

[Myself °¿°]

% perspective notes :
prvcls 427.45 + 4% = 444.548
prvhgh 445.84
prvlow 397.34 + 12% = 445.0208

Sum it up
They agree on unity.
They a agree on a three-part plan. incomplete
They agree things are messed up and agree it needs to be fixed. Meanwhile don't worry
the Ausi's have a guarantee of all bank deposits and we'll do whatever it takes to fix this mess.
Ausi's guarantee of all bank deposits is simply verifying a serious crises is at hand.
Sounds to me like a speedy nonproductive weekend to agree how bad it is and a partial plan how to fix it.
Where has the plan been put into action... am I missing something... where is the action?

G-7 action plan must be carried out swiftly

Global leaders race clock as IMF endorses G7 plan

FACTBOX-Financial rescue plans by G7 and other countries Below are details of the financial rescue plans already in place or under consideration by leading countries: UNITED STATES - $700 billion plan, excluding Fed programs: - BANK CAPITAL: The U.S. Treasury can inject capital into financial institutions, including insurance companies, that seek government aid. - BAD ASSETS: The Treasury can buy up troubled mortgage assets from financial institutions. - BANK DEPOSITS: insured up to $250,000 per account. The Treasury can lend an unlimited amount to the bank insurance agency to ensure depositors in failed banks are repaid. - ACCOUNTING: Securities regulators can suspend mark-to-market accounting, blamed for forcing financial institutions into insolvency when market value of assets plunge or are unknown. Continued...

World Leaders Offer Unity But No Steps To Ease Crisis

Morgan Stanley, Mitsubishi UFJ Renegotiating Terms (Update2)

Investors Brace for Decline In Wells Fargo's Net Profit

Australia to guarantee all bank deposits

Paulson expects G20 to endorse G7

G-20 pledges joint action to tackle global financial crisis

After G20, focus now shifts to Europe

European Leaders Agree to Inject Cash Into Banks

Europe leaders agree on bank rescue plan

European leaders agree crisis rescue at summit

Investors face more uncertainty as bailout widens