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IBDvalueinvestin (98.31)

Hearing GOP will hold up this Toxic Asset plan



March 23, 2009 – Comments (3)

They will want something to vote for this plan which is received will luke warm sentiment in the GOP camp.

 Market up 300 pts, seems like its time to go short the biggest day gainers.

3 Comments – Post Your Own

#1) On March 23, 2009 at 11:14 AM, IBDvalueinvestin (98.31) wrote:

GOP will put up a big fight against this Toxic asset plan. 

People are celebrating now but investors hate uncertainty, and the GOP will put major uncertainty into this plan passing. 

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#2) On March 23, 2009 at 11:32 AM, IBDvalueinvestin (98.31) wrote:

Link that $4 Trillion needed to bailout banks not the $1T that Obama is proposing. We still will have major problems.

Today's rally has only 1 leg to stand on, we need another 3 legs for the banks to be able to stand firm. Report this comment
#3) On March 23, 2009 at 11:46 AM, IBDvalueinvestin (98.31) wrote:

Then next week we get the ugly Auto bailout raising its ugly head.

Deadline is set for March 31,2009.

DETROIT (Reuters) – Bondholders holding some $27 billion of General Motors Corp (GM.N) debt on Sunday sent a letter to the White House task force overseeing the bailout of the auto industry, to register concern with the lack of progress in GM's debt restructuring talks.

In an open letter to U.S. Treasury Secretary Timothy Geithner and other members of the U.S. autos task force, representatives of GM bondholders said they had not had a response from U.S. officials or GM since proposing terms for a debt swap earlier this month.

"Keeping lines of communications open is the only way we all can meet the March 31 deadline for a debt-to-equity exchange," the letter said. "We are disappointed that we have had no response to our proposal from either GM or the auto task force."

The letter on behalf of GM bondholders was signed by advisers to an ad hoc committee negotiating a debt restructuring with the automaker prompted by the terms of its $13.4 billion bailout.

(Reporting by Kevin Krolicki, editing by Maureen Bavdek)

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