October 02, 2008 –
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RELATED TICKERS: FNM
, FRE
, SOV
And a mighty howl went up from the hinterlands, swamps, and uncultured, and o-so-unwealthy parts of the country that did not seem to matter to the "masters of the universe" in Wall St. and their servants in Washington, D.C. Lucky for the "sweathogs," this is an election year with the election only a month off and the servants realize that every so often they actually must win an election in order to retain their cushy jobs. Most years the electorate is either distracted or has short-term memory loss which keeps the incompentent and crooked in office. Many a dead politican has been either retained or been elected to office! A number of House members revolted when they saw the first draft of the Rescue Bill and they got an earful from people in their districts. They really need to: (1) raise the limit on FDIC insurance from $100K to $250K, (2) modify the "mark to market" accounting rule, and (3) get equity for debt in firms among other things, like limits on executive compensation, no "golden parachutes," and a package that helps banks and individuals directly. Also, calling it a bailout bill for Wall St. was probably one of the dumbest PR moves I have ever seen! [more]