NO BAILOUT!!!! CONGRESS VOTES NO!!!!

Note: of course looking back at this from June of 2009 - have we got a bailout....

Wow and the Dow tanks at one point down 700 points - that's more than Black Monday... The world is changing. Here it goes.... The Dow is now up and down one minute you look and its down 500 then down 659 then at 443 Yikes going up and down by a hundred points in seconds...... It's a wild roller coaster..... Ah well - let the card house tumble - here it goes -- hold on!

ADENDUM 5:46pm -- The Day ended down 777 points - I think that's a historical record for a single day. Mr. Cramerica says it could go down another 2500 points before it's done.... The holdouts were 70 Republicans and 90 some Dems. According to news reports, some were fielding constituent mail 100 to 1 against the plan.

Sick of Politics for now - how about a brief cat lullaby?

]This is Miet kitty, filmed with a macbook. I sang a little tune and another then dragged them together and applied the delay effect.

Rainy Night Reverie - a poem from Inverse Origami

I am stained with streetlights
and rain-glazed mcadam

a damp changling in this vibrant night
As I wade, greyed grayed grasses give way tickling

Katydids converse, the pale arms of sycamore
scumble shadows around me

A culvert gurgles couplets, Hiaku
in the soft patter of droplets as wind stirs in wet leaves

Overhead the clouds burn by moon sparks
in the sultry mysterious dark.

 

---

 

from Inverse Origami - the art of unfolding
--- Mar (Mistryel) Walker, © 1998
Puzzled Dragon Press

/

How many credit swaps can dance on the head of a bailout?

They keep blaming this on John Q public's bad mortgages rather than banks' questionable decisions in granting those mortgages to insolvent people followed by the bundling of those junk mortgages, sold and resold again and again, and the insuring instruments for those bundles the magic, indecipherable derivatives. 

I did a little calculation and if I have it right (and i might not) then 800 billion would be enough for 2o billion $400,000 houses at full price.... So we must have more than 20 billion people losing their homes since the gov will only pay some change on the dollar for this paper. There just can't be that many...

And Where are the properties that go with this paper? Who is going to check the properties, go to the foreclosure proceedings... Pay heat on the empty houses..... 20 million of em all over map.... Maybe these will be the jobs of the "PAULSON NEW DEAL" hahaha. I can barely believe there could be so many displaced persons. I am betting there are multiple higher ticket items in there - like builders who went bankrupt holding paper on an entire development project or condo projects.
This just seems like such a bad idea and there must be more stuff than just residences........

my dash board calculator stopped at 800 million..... .

JP Morgan will buy WaMu? Bye Bye Washington Mutual

Another surprise deal announced on CNBC did I hear that right?. Wish I could hit instant replay and hear that again... Things are moving fast - if you don't count legislators. But I want them asking questions. 11th-hour must-do deals worth $700 billion are always suspect...... Just heard it again on Larry King - JP Morgen Chase "has acquired" the assets of Washington Mutual. so WAMU must have tanked or been seized.... Then Larry King moved on to Palin. Who cares.
========
ADENDUM
PS At this moment (Friday evening 9/26/08) ABC news reports that 17 billion in assest had been withdrawn from WaMu in the space of a few weeks putting it in an untenable position. ABC said it was the largest bank failure in American History. WaMu's assest were sold to JP Morgan Chase at the firesale price of $1.9 billion.

So long for now to Wed Poetry, returning the mezzo gig

Though I will still be doing the email update and maintaining the wedpoetry.net website, I will be missing my weekly Wed Night Poetry fix from now until summer. And I will be missing it very much.

Next Wed. I have committed to slamming in the first White Plains Public Library Slam of the season.  After that, I will be attending a choir rehearsal every Wed. starting Oct 8 until the end of June and I will so miss the marvelous community of folks I have met over the incredible 14 years of this poetry series.  This seasonal music gig as a paid mezzo/alto in a church is my only job right now and I cannot afford to not go back. I do enjoy the work, just wish rehearsal was some other night.   Rehearsal gets out at 9:30 p.m. or so. I will head right to Molten Java  from there and try to catch the very tail end of Q&A.

I plan to take up the slack by going to other poetry events around the area and to music open mic nights at several local venues. 

Consumer reaction to Wall Street woe is a no-brainer

President Bush has now gone to the American People and said we have an enormous financial crisis on the horizon. Of course  this is the same American public that has been losing its homes and jobs for a while now.   

    The treasury and the fed - in the form of Mr. Paulson and Mr. Bernekie - set that gigantic $700 billion figure to restore WALL STREET CONFIDENCE.    And now, suddenly the talking heads are worried that CONSUMER CONFIDENCE is low and people aren't buying.    DUH.     

    They have been using some stern-faced scare tactics to get this almost-a-trillion dollar financial stabilization package/BAILOUT passed - calling pension funds, 401ks into question and painting a picture where your credit card and ATM card stop working.  ERGO consumer sentiment is going to get even worse.  The general public (the bulk of folks who weren't losing a home or job), they are only now becoming aware of this crisis so we can expect spending AND saving will decline even further. Where will the money go? Check your local mattress.

    When the financial crisis of the century is on the horizon --  why on earth do we want to spend what little we have left?