Sept 22. Monday, continuing discussion of the "bailout" plan. If this doesn't happen in the next couple of weeks, like by middle of next week or end of next week, the economic/stock market reactions are going to be going down the tubes. This is the very thing the bailout is supposed to help put off because it won't stop it it will just buy some time, or postpone the great downturn for a while. I imagine a while is something like a few weeks to 2-4 months. that's just my own impression from what I am reading these days. Actually, I've been reading this stuff for at least a yhear and more like 2 years.
Oh yes, much was made of a barrel of oil going up $ the most in one day trading in years." It did, it went up about $20.00 from closing on Friday at 104.55, today it closed at 120.92. Our gas is still lowers than before Ike; and has gone from 3.59 the day before ike to 3.47 or 3.45.
Income tax into Michael today.. At least we'll get our $600 apiece, mom and i, unless the government runs out of money before then! It's scary and yet fascinating at the same time.
September 21, Sunday
I finished my part of the 2007 income tax; just have to do all the adding of figures for Mom now. This always turns out to not be as bad as I think it will so why do I procrastinate with it?????
Text of Bailout has be printed and available for public, at least on the internet: they’re adding things to it like, foreign banks can be part of the bailout (WHAT THE F???? IS THAT ABOUT; that’s horrifying even to me and I don’t know enough about this stuff. I have to call Richard tomorrow anyway about money for Mom’s October bill.) Goodness, if my Mom knew what was happening she’d be freaking out; my dad would spin in his grave, or laugh, I’m not sure which. He doesn’t have a grave actually; his ashes are in a quietly wrapped plastic container in my house.
Also, this asks that the Sec of the Treasury be given any amount he wants anytime he wants, and the courts can look at this after it’s passed. Dictatorial powers to the executive branch through the Sec of Treasury? I read this somewhere I didn’t deduce it by myself…
They tinfoil hats are even more right than I thought they were! The “plot’ to take over the government of the US continues! Actually, I don’t believe in complicated conspiracies; I think its circumstances, sometimes swiftly moving unexpected circumstances that give rise to what the powers that be decide to do at that time.
More stuff has hit the fan or it’s just splattering everywhere!
AIG bailed out by government; or rather, now owns 80 percent of AIG. AND the government now is going to form an entity that will buy up all the “bad debts” from the banks like the Resolution Trust did for the S&L problems about 15-20 years ago.
Paulson and Bernanke had a session on Thursday night with congressional biggies and they all agreed on the buying out bad debts. Also, the SEC said no shorts on about 800 stocks for 10 days. That’ll bring us up to the first full week in October when that expires unless it’s extended.
I talked to Richard on Wednesday after the AIG rescue but I haven’t talked to him since then so I don’t know what he thinks of latest development. He did say we’re going to 9000 probably—CJ rallied on Friday to 11, 400. Oil has come up to 104 or something; our gas has gone down 4 cents to 3.47. That surprised me.
Loaded up on cat food this weekend but I needed to anyway. Still buying at Safeway with my extra 10% off card.