Notwithstanding its usual cheerleading, CNBC never works on Sunday.
As Wall Street sits on the edge of its seat, the network is now running a hair-restoration infomercial. Bloomberg Television is airing the presser live.
This was also the case on Bear Stearns Sunday and during every other bombshell weekend since the credit crisis began.
CNBC is entertainment (if that's your idea of fun). It's not journalism. It sucks.
The govt is creating a new class of Preferreds for investment.
The Preferreds are senior to the common and existing preferreds but apparently junior to existing debt.
Preferreds will be issued as needed with the common and existing taking hits first. I'm not sure what this means to dividends as its not explicit.
FNM and FRE will still buy new mortgages but the indication is that it will be at a much slower rate than in the past.
The Treasury will also buy back existing GSE MBS in the interim -- at what price and how much?
In 2010 the GSE's will be in run-off mode barring any further action by congress.
Further action by congress between now and then is necessary.
Any banks hit by the preferred losses engendered are welcome to contact the treasury for a bail-out (a bit tongue in cheek but that may be an accurate read.)
Preferred stock investors should recognize that the GSEs are unlike any other financial institutions and consequently GSE preferred stocks are not a good proxy for financial institution preferred stock more broadly. By stabilizing the GSEs so they can better perform their mission, today's action should accelerate stabilization in the housing market, ultimately benefiting financial institutions. The broader market for preferred stock issuance should continue to remain available for well-capitalized institutions.
So, it looks like we the taxpayers will be making money on this deal. Even Tanta would blush after hearing such a statement.(even though she would believe it)
Always on a Sunday, a Sunday, a Sunday; that's my day of work.
Hahahah have to agree with you Wally
Sunday announcements are ALWAYS good news! Nothing to see here - move along....
Do they all attend church before making the announcement? Every bit of prayer helps....
What's the point spread on the bailout?
Sunday press conf. and Monday carnage:
"Monday, monday, cant trust that day
Monday, monday, sometimes it just turns out that way
Oh monday mornin you gave me no warnin of what was to be
Oh monday, monday, how could you leave and not take me"
Always on a Sunday, a Sunday, a Sunday; that's my day of work.
Sunday sunday sunday!
Capital reserve crushing price action! Death defying cliff dives! Flame snorting, rip-roaring disorderly trades!
You'll leverage your whole position, but you'll only trade THE MARGIN!
Mammon demands his services be held on Sunday.... well actually, every day.
Anyone have a link or reference to live TV coverage of the Presser?
F_E_Ds Wide World of Bailouts
The thrill of victory,,, The agony of the taxpayers...
Live coverage:
C-SPAN Live Stream - C-SPAN
F_E_Ds Wide World of Bailouts
"The Bailout Society".
He's gonna nationalise!!!
CNN/Money Headline:
Paulson readies the 'bazooka'
Is Lefty's open yet? I'm out of vaseline.
Same CNN page: video of Robini "Worse Yet to Come"
Man, Lockhart is nervous.
So now it's time to start speculating on who's next.
All, I've posted the statement. I'm reading it now.
Best to all.
Why do people vote for Republicans again?
I'm a Junkie.
I need more dope.
I do wild and crazy things.
I lie, cheat and steal.
I need more dope.
I wasn't always a Junkie.
But now I am.
My habit is getting bigger.
I need more dope.
Stand in my way and I'll crush you.
I used to have a job.
Now I just steal.
I need more dope.
Maybe I'll sell you something.
I don't care, it's already stolen.
I'll rob you too.
I need more dope.
No more time to talk now.
Here comes my Main Man.
I need more dope.
My name is You.
Is that a box of Depends in the background of the Lockhart statement?
statement is up in new post
Notwithstanding its usual cheerleading, CNBC never works on Sunday.
As Wall Street sits on the edge of its seat, the network is now running a hair-restoration infomercial. Bloomberg Television is airing the presser live.
This was also the case on Bear Stearns Sunday and during every other bombshell weekend since the credit crisis began.
CNBC is entertainment (if that's your idea of fun). It's not journalism. It sucks.
No stuttering; it must be really fixed.
I meant, "the fix must really be in. Pretty much the same thing, right?
No more dividends. Fuggedaboudit.
Preferred stock investors should recognize that the GSEs are unlike any other financial institutions and consequently GSE preferred stocks are not a good proxy for financial institution preferred stock more broadly. By stabilizing the GSEs so they can better perform their mission, today's action should accelerate stabilization in the housing market, ultimately benefiting financial institutions. The broader market for preferred stock issuance should continue to remain available for well-capitalized institutions.
I missed a couple of other points.
So, it looks like we the taxpayers will be making money on this deal. Even Tanta would blush after hearing such a statement.(even though she would believe it)