We wait on feckless populists & reckless opportunists in Congress Now that the Democrat controlled US House of Representatives has voted down Treasury Secretary Hank Paulson's "$700 billion bailout package", there is a palpable sense of fear in world securities and credit markets. The US Senate reconvenes on Wednesday to try to pass an amended package, which is to be resubmitted to the House on Thursday in the US. In the meantime the world just watches and waits, paralysed. If the new package is voted down again, then the market could crap out again and, worse, credit could dry up to business. This is as bleak as it gets. If the axe falls then we know we are in the abyss and can adjust our expectations. If we get a reprieve then, we muddle through as before. But at present there is only the powerlessness of waiting on others to determine our fate. Some plan Bs and plan Cs are emerging as the world faces the unthinkable, financial meltdown. The US Federal Deposits Insu...
Stirring grist, grizzle and gore to flavour the stew.