Word: bailouts
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...could have been worse. That was the preliminary judgment in foreign markets as indices in Asia and Europe posted moderate declines - and in some cases modest growth - on Tuesday. Although Congress's rejection of the $700 bailout plan engendered some jitters on markets around the world when they opened on Tuesday. But it didn't send them reeling...
...knew this was bad news," says Song Seng Wun, regional economist at CIMB-GK Research in Singapore, who like other market-watchers believes some sort of bailout plan will get through. Unlike U.S. taxpayers, market actors in Asia aren't overly concerned about details like limiting golden parachutes extended to disgraced CEOs of bankrupt financial companies, or whether the U.S. government gets enough equity for their investment. "They just want something to be passed," notes Kowalcyzk...
...even if analysts outside the U.S. are confident a deal will get done in Washington, no one believes that will put an end to the current bad news. A bailout would be just the beginning of what looks to be a long and painful unwinding for Asia, for example. Even if the U.S. government can pass a plan to pump money into the financial system by buying bad mortgages - thus freeing up banks to lend money elsewhere - it won't "address the decimation of the wealth effect of the U.S. consumer," which many export-led Asian economies rely on, says...
...bailout replace all the liquidity that those complicated mortgage-backed securities unleashed into the world's financial markets, making it easier for companies to borrow money to build new factories, buy new equipment or expand into new territories. "We will never return to those levels of liquidity," Daley says...
...Monday the House of Representatives saved us from the greedy fingers of Wall Street. Rather than surrender a single nickel of taxpayer money to the mob that gave us Alt-A mortgages, collateralized debt obligations (CDOs) and credit-default swaps, the House voted down the big bailout. Mr. Market was a very unhappy camper, dropping 777 points and change - or $1.2 trillion in market value. "This is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I am not going to eat that cow patty," vowed Representative Paul Broun, Republican of Georgia...