Oil prices posted their biggest one-day gain on Monday, jumping more than $25 a barrel as investors dashed into commodities on concerns about the government’s plan to bail out the financial system. Traders said the dollar was weakening because the United States would have to increase its debt to finance its bailout plan."
Oh, and this happened, too:
"Stocks Drop on Lingering Fears About Wall St.
Rescue Anxiety lingered in the stock market on Monday as Washington lawmakers hashed out the details of the biggest government bailout in history — a politically fraught process that will create a new slate of winners and losers on Wall Street.
That uncertainty, about a shaken financial system still in flux, helped send stocks lower. The Dow Jones industrials lost more than 250 points by early afternoon. Investors were also cowed by a $25.45 rise in the price of oil, which rocketed up to more than $130 a barrel.... fanning fears that inflation would continue to hurt the economy.
And that is after rigging the Dow.
Update: Dow 11,016 -372.35
But much of Monday’s focus was on Washington, where the Bush administration is hoping that Congress will pass its $700 billion bailout package by the end of the week."
"Bush Urges Democrats to Act Quickly on Bailout
Fuck him!!!
Representative Henry A. Waxman of California, chairman of the House Committee on Oversight and Government Reform, said he had “serious reservations” about the administration’s bailout proposal.
“The structure of the plan appears designed to maximize returns for Wall Street and minimize protections for the taxpayer,” Mr. Waxman said in a statement. “The administration’s plan completely eviscerates the concept of moral hazard. It would enrich the Wall Street executives whose reckless investments caused the financial crisis. The taxpayer is being asked to risk billions to protect the bonuses of investment bankers.”
That's because THEY WROTE IT!
"There were signs of the industry’s fingerprints on drafts of the legislation released over the weekend."
Financial companies were already lobbying to broaden the plan. And the Bush administration did indeed widen the scope by allowing the government to buy out assets other than mortgage-related securities as well as making foreign companies eligible for government assistance."
So you are going to bail out the ENTIRE WORLD NOW, AmeriKan taxpayers?
So where are you, America?
Eating shit from your government and MSM provided bowl?
Update: Progress made in bailout plan
WASHINGTON --A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan. Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush's team on the rescue.
Even though Americans Oppose Bush's Bailout.
Thanks, DemocraPs!!!
