From all accounts, as of tonight, we have a bailout plan on the table. The House of Representatives appears ready to vote on the plan sometime tomorrow (Monday), with the Senate likely to vote on Wednesday.
It is interesting to me to read the many viewpoints expressed so far, proclaiming the plan as a wonderful opportunity for the US Government to make money. Speculation knows no bounds in this country. Even the biggest government bailout in history is being spun as some wonderfully bullish catalyst, in spite of the bank failures, home foreclosures and job layoffs which roll on.
Meanwhile, CNBC reports tonight that Placido Domingo is being honored tonight in New York at a gala dinner at the Met. Many of the Wall Street glitterati are attending. I guess they don't have anything else to do tonight, given the thread upon which our financial system hangs.
There is no shame on Wall Street. None.
Rep. Barney Frank put it well when he described the reaction he got from several Republican Congressmen when suggested language limiting executive compensation for the bailout bill. He said, "I felt like I was telling the Rabbi of Jerusalem to eat bacon on Yom Kippur."
S&P futures are down 9 points from Friday's close. So far, the market's response is not favorable.
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