September 28, 2008 - 18:44 | 
rba
The newly released Markets Bill is available in machine readable form (.pdf) @ C-SPAN, top of the fold, front-paged. The fund is called "TARP" - the "Troubled Assets Relief Program". Enjoy.
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The story is all over various news sites, but most are propagating AP's Julie Hirschfield Davis' piece.
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Early Nikkei
I hope this holds:
Latest: After half an hour, now up 113.
Now up to 143
The paradox is that the better market results posted, the more inclined the Republicans will feel able to play fast and loose with any agreement in Congress, believing damage from their doing so will be limited.
Oddity of the Asian markets
Although they seem, not unnaturally, to be focused on the US financial bail out, they may start to take into consideration the adverse economic situation (which may over the next three months become the bigger story)
As if to underline this, China has just taken fiscal measures and reduced its interest rates, risking further inflation in an attempt to stimulate growth.
Lots of fun coming down the pipeline. We can't have McCain involved in this. We need Cool Hand Luke Obama!
I just dug up a nice Buffet quote:
"financial weapons of mass destruction"
He was right...
An hour after I posted my concern
Still no Republican statement. I guess thhere is blood on the carpet in their committee room, trying to get out a form of words.
Doesn't bode well. There could still be tepid support fo it when it comes to voted upon. Just too tempting for Repub reps to turn their backs on it at the last minute so they can go home and say that they voted against it.
I hope the Repub leadership can keep some control or it will leave the Dems very exposed.
Both McCain and Obama are being qite circumps[ect about it. The marketts need more than this if the money is not to be wasted.
Repubs now out and talking.
Sounded very uncertain
Refused to say how many on the Republican side would support it. Hoped "as many of them would support it whose conscience would allow them". What a cop out. When have these cowboys suddenly replaced the word "conscience" for "calculated electoral advantage".
Considering that the markets want firm statements if the $700bn is not going to be p*ssed down the drain, it was a terrible statement from the Republicans and could still leave the Dems exposed, if not as a group then as individuals back in their home States.
I am not happy
with the way the Republicans have handled this throughout but am less worried about them leaving Dems exposed than them leaving everyone exposed. The Republicans are providing us with the best example of partisanship at its worst. Many of us know this has become the GOP SOP but hopefully those who don't watch as closely as us will see it now too.
I can't get to house.gov
hangs.
But I did like that there Congress hung in there a little bit and refused to cede complete power to the Bush Administration and his people at Treasury and the Federal Reserve.
From the AP story you link to:
I learnt a new word in that article: "bollix"
I had to look it up. Closely related to and derived from our word "bollocks" meaning testicles.
Er, suggest you avoid "bollix" in polite company in the UK :) Fine at the Pub!
off topic somewhat
but I did quite enjoy this one paragraph from Dowd's column:
And Frank Rich didn't let up on McCain -- a whole litany of McCain Hijinks.
Yeah,
house.gov is still down (grrrr). Bill link is above, but my machine will only read it in Acrobat Reader - not Preview. Did I mention the damn thing is 106 pages? Cute.
I am happier at 106...
...than Paulson's miserable 3 pages!
Keep on it, rba, we are all looking forward to your one page executive summary after your careful review of each paragraph.
Given that the markets and Main Street are looking for assurance, this delay by the Republicans in making their statement is ominous and irresponsible. I hope the Dems don't get ambushed,
Funny
I'll throw a few notes here. But the summary is in the news articles.
Sec 114. Market Transparency. Pricing: Form, description, amounts, and pricing of assets have to be posted online, available to the public within 2 business days of purchase. Disclosure: Sect'y determines how much of what type of information will be required by each type of "financial institution". No slack here either.
Sec. 116, Oversight & Audits. Comptroller General has oversight and audit authority, and among other provisions, Treasury has to provide space inside their building and fully reimburse them for GAO staff costs. Full access to any and all records . . . make and retain copies of any or all . . . and once again pay GAO for the privilege.
Interesting - and a good thing: Special IG. Looks like they copied language directly from the SIGIR statute. First report due (heh . . ) NLT October 31, 2008. Halloween. How . . . appropriate.
My brain hurts. I'm leaving now. :-)
How very symbolic
I wonder what the delay is in the Republicans making a statement?
It is essential that they come across as very positive. The market needs to believe that whatever has been put together will pass.
UK News channels are on stand-by ready to take a live feed from Washington.
At this point
BBC has more than most. I agree about the Republican absence. A joint press conference would have been extremely helpful. Looks like that notion went out the window when McCain flew in it.