U. S. House of Representatives members, are reportedly receiving multiple telephone calls, in favor of the rescue plan. After yesterday's near complete meltdown on Wall Street, perhaps it is sinking in, that this is not only to save Wall Street, which should never have been, the title of the plan anyway, but it is to save the average American. That a vote against the bill would be a vote against the American people's self interest. Those who use credit cards, apply for school loans, auto loans, have a job, where their employer needs to tap his credit line to pay his or her salary, and many other sources of credit needed to keep the economy running. The 777 point drop in the DOW, where, one point two trillion dollars, in wealth flew out the window, gave a needed shock to the country, and to the Republicans, who somehow thought perhaps, that nothing was urgent, that they could act like kindergarten kids, playing the game of "my feelings were hurt", after Speaker Pelosi spoke the truth, and laid out that the Bush and McCain advocacy of deregulate, letting freedom ring for all those who wanted to profiteer on the backs of a lot of unsophisticated people, and some greedy individuals,lead to this financial mess, was so unbearable to hear. The leaders should never have put out the title "Wall Street Bailout", when trying to get the American people to accept this plan, it should have been the "Saving of American, Plan", which would have been more palatable to the public. Now we are here and lets hope, that when they return to Congress, on Thursday, after the Jewish holiday, that they will get together and pass this bill and send it to the Senate for passage,
maybe with some adjustments, which would make the bill better not worse, then get it moving through to the senate. The Senate appears to be a bit more grown-up in their thinking, and it should go through without much of a problem.
Senate leaders have reportedly agreed, to pass the bill,this week.
They are also saying that they will try to revive the bill on Wednesday, by having a vote on the bailout.
The SEC, is reporting that the FASB, may change the accounting process of "mark to market", with respect to the mortgages that are on company books. The adjustment, reportedly, may be of a temporary nature.
Both Senators, Obama and McCain are suggesting, that the FDIC insurance protection, for individual depositors, be raised from one-hundred thousand dollars to two-hundred and fifty thousand dollars. The FDIC is requesting the increase on its own.
Stocks are rallying, on the belief that the bill will be passed soon. The DOW closed up 485 points, recouping much of the loss from yesterday.
It is reported that Germany and the UK will swallow the criticism, and adopt the same plan as Secretary Paulson, put forth in the United
States, to shore up the financial markets. The bank failures are spreading to Europe.
UBS is said to be eliminating 1,900 jobs, from its investment and trading units.
AIG will be announcing, which assets, they will be selling on Friday of this week.
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