What will you do, if you have power?

[ajithfederer]

http://news.yahoo.com/s/ap/20081002/...jsD1t5IXqs0NUE


AP
Bailout passes Senate, House foes soften

By JULIE HIRSCHFELD DAVIS and CHARLES BABINGTON, Associated Press Writers 3 minutes ago

WASHINGTON - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.

The measure didn't cause the same uproar in the Senate, where both parties' presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast "aye" votes.

The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.

Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday's 228-205 defeat. They were especially targeting the 133 Republicans who voted "no."

Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.

They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.

There were worries, though, that the tax breaks would cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because it would swell the federal deficit.

[ajithfederer]

Emergency_Economic_Stabilization_Act_of_2008

[Nerd]

<Dig>
A hilarious blog post on the 700B$ issue
http://krishashok.wordpress.com/2008...ut-of-wall-st/

[app_engine]

http://articles.moneycentral.msn.com...es-101408.aspx

Finally, the US has decided to "copy" it's EU friend, by investing part of this money in the "already healthy" banks.

It's really funny to see wild swings to both extremes in the wall st. Definitely the last couple of weeks were spectacular for "economy-challenged-novices" like me and these reports make more interesting reading than many other forms of entertainment

[app_engine]

நான் மேலே சொன்ன "காமெடி" ஐடியாவை இப்போது மெக்கெய்ன் அவரது ப்ளானில் (கிட்டத்தட்ட) அறிவித்திருப்பது வேடிக்கை தான்

[app_engine]

ok, $700 bn is behind us now.

The hottest topic in TN (may snowball into a bigger one involving Indian union govt.) is the role the central govt. should play on the Srilankan conflict.

If you're the most powerful person in India (not like current elected officials - this is total authority), what will you do about this?

[a.singam]

protectorate eezham first, independence next.

[P_R]

What is the war situ ?
Is it true that the SL Army have really locked the tigers to a corner - as some news media would have us believe ?

[Roshan]

What is the war situ ?
Is it true that the SL Army have really locked the tigers to a corner - as some news media would have us believe ?

Prabhu,

Many things are happening over here and most of it cannot be dicussed in the hub. Would pm or mail you soon.

[P_R]

Look forward to it Roshan.

I have been reading arbit reports with maps depicting significant drop in areas of control. I have also read blogs that use choice language on those who draw such maps. I am thoroughly confused.