Futures Off on Rescue Detail Worry

[FreeStateDemocrat]

Source: REUTERS/NYTimes

By REUTERS
Published: September 21, 2008
Filed at 7:40 p.m. ET

NEW YORK (Reuters) - Uncertainty about the workings of the government's $700 billion bank bailout drove U.S. stock index futures and bond futures lower Sunday evening as Asian markets got ready to start the week.

The dollar weakened against the yen on concerns that government borrowing will exacerbate the U.S. budget deficit as it needs to issue more debt to finance its rescue plan to buy bad mortgages from financial institutions.

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Robert Loest, senior portfolio manager at Integrity Mutual Funds in Minot, North Dakota said the drop in futures was a combination of short-term profit-taking and second-guessing how the bailout plan will ultimately be come out.

"Congress hasn't written the legislation and the devil is in the details. The taxpayers are on the hook for an awful lot of money," Loest said.

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"This is partially people looking at the plan and trying to figure out what it all means. I don't know the plan is a save all," said Joe Saluzzi, partner at Themis Trading in Chatham, New Jersey.

"It may have stopped us from the death spiral, but equities in general are still going to have a tough time. You still have to pay the piper -- where are the earnings, unemployment."


Read more: http://www.nytimes.com/reuters/business/business-markets-global.html?_r=1&oref=slogin

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Looks like a 700 billion give away is not the solution, these greedy bastards want it all.

[Tandalayo_Scheisskopf]

1. Of course they do.

They are sociopaths and civil society is now in the final battle with them.

[Purveyor]

2. Nothing better could happen to rush this bastard legislation through than plunging markets.

And yes I believe 'they' can make it happen.

Just saying...

[qanda]

3. So, if they don't get their blank check

The markets will implode and the Democrats will be blamed? Oh well, let the imploding begin.

[Maven]

4. Here comes the blackmail

[CountAllVotes]

5. the thieves are out with very long knives

and they are desperate!

:kick:

[UpInArms]

6. if saving the investment banks is the goal, what was the question?

those stupid greed mfs need to have a stake driven through their corporate bylaws

:grr:

[Zenlitened]

7. Hmmm... no. I suspect futures are off because...

... the whole world is STUNNED by how little thought Paulson & Co. have put into their proposal.

Have you read that thing? A scant, slap-dash two and a half pages, and most of it ludicrous nonsense.

Like a kid who scribbles out his homework on the bus on the way to school. A hasty, poorly-reasoned essay, which misses the very point of the homework assignment to begin with.

If not an "F," Paulson certainly gets an "Incomplete."

And stock traders of the world find that pretty chilling. So much for Friday's euphoria.

:yoiks:

[adamuu]

9. seriously... i can't believe it took 1 1/2 days to come up with that double-spaced crap

my homework assignments are longer, and i'm not allowed to collaborate with my friends!

[tama]

8. Bullcrap

"Looks like a 700 billion give away is not the solution, these greedy bastards want it all."

US does not have 700 billion, US is allready few trillion behind. And that's only money (=debt); US is destroying the planet like nobody else.

My advice: cancel the dollar - it's Sauron's Eye anyway...