What bothers me is how the market has been acting recently. Grinds up with a drop at the open the next day. Tomorrow might be insane as it goes before the Senate.
I think most Americans are unaware of how the financial system works. Even active investors and traders are still somewhat clueless as to what the central banking system does and what this bailout will do or the results if it does not pass.
This lack of and I'm going to use the buzz word "transparency" is why Wall Street was able to rape investors of so much for so many years. Now that this is getting public I think the good times won't be as good as they used to be. Kind of like a slumber party that got too rowdy and an adult had to yell. The party can still go on but it has to be quieter this time.
What killed the bill was that there was a huge outcry by incompetent voter who don't understand how this all works and because they say it as a pass the buck by Wall Street after they run amok it doesn't sit well with anybody. Even the economists aren't able to talk this down to a level that the average joe can understand.
So the politicians just cater to the dumb voters and we are where we are. I just hope the senate acts a little more refined about this.
From what I am hearing the Senate is not changing much and they are going to vote as is. There is more favor for the bill in the Senate and with the tantrum Wall Street gave yesterday they will probably pass it with a narrow margin. The problem is and always has been the House.
If you ask me I'm more in favor of a massive nationalization of the financial industry after this through ownership of the companies. The investment banks have a choice. Trade the toxic CDOs for preferred shares that cannot be diluted and pay a steep dividend or chance it on their own and run the risk of bankruptcy. In a bankruptcy the government takes total ownership of the companies and dismantles it. Free market but regulative in its own way.
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