Are you really "Change We Can Believe In"?Are you really "Yes We Can"?If so, here are the acts you must undertake as soon as you are sworn in, and you should announce them tomorrow so the market will stop tanking due to the lies of Mr. Paulson and Bernanke:You will send up a bill that enacts a full repeal Gramm-Leach-Bliley. This was the law that repealed the Glass-Steagall act (the majority of it, anyway.)You will ...

Paulson, Bernanke, Geithner, Congress.President Bush.And if he doesn't get on top of this, President-Elect Obama.Let us begin by noting that President-Elect Obama voted for the $700 billion bailout - The "No Banker Left Hungry Act" - while the rest of America literally was losing their jobs and homes.Yesterday we learned that Fannie Mae lost $29 billion in the third quarter, most of it by admitting to what they knew back in the first quarter - ...

As in good and valid cause for a revolt - by Congress."The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the ...

The mainstream media is finally starting to figure it out.In Barrons "Other Voices" column for publication on Monday we have this:NOW WE CAN SEE THAT THE ECONOMY IS A CONFIDENCE GAME. With markets spinning out of control and liquidity frozen, analysts and commentators repeat again and again that the problem is that investors have lost confidence. What they don't adequately stress is that this loss of confidence is fully justified.In the past several decades, financial ...

Ouch.Unemployment rate claimed at 6.5%, with 240,000 jobs lost in October.The ugly however, is that revisions were even more horrible, with 284,000 now lost in September and 127,000 in August.Bet on that 240,000 being revised upward. It will be.U6, which is my favored count of unemployed (this includes "marginally attached" workers and those who are employed part time for economic reasons (that is, not by choice)) is now at 11.1%, up from 7.9% last year ...

Barney Frank (D, if you didn't know) opined:"WASHINGTON (Reuters) - Companies receiving public money under a U.S. government financial rescue program must use it for lending or they will be violating the law, the chairman of the U.S. House of Representatives Financial Services Committee said on Friday."I am deeply disappointed that a number of financial institutions are distorting the legislation that Congress passed at the president's request to respond to the credit crisis by making ...

Seriously.Assuming your home is worth equal or less on the market today than your outstanding mortgage balance, of course.You deserve to live free for a year, and you deserve to have your home price come way down so you can buy it back in a few years for much less.You've already been taxed to the tune of $700 billion for a bailout for the bankers, even though you told Congress "no".Now the FDIC and Treasury ...

The joke of the day comes from the AP and MSNBC:"WASHINGTON - An impatient White House is serving notice on banks receiving billions of dollars in federal help to quit hoarding the money and start making more loans."Oh really?Let's see.Your Treasury Secretary (you know, a guy you appointed and can fire?) put together the TARP/EESA bill, a three-page document that gave him plenary authority to do whatever the hell he wanted with the $700 billion.You ...

Congress: Think.Ben and Hank have both told you that the critical issue for the economy is for lending to resume, stating that it has dramatically contracted.If this was the truth, then Ben and Hank would have come to you for $700 billion in the TARP, but instead of TARPing the money, they would have asked for permission to use it to capitalize 10 new banks which would be immediately IPO'd off to the public with ...

America's House and Senate, just a couple of short weeks ago, passed a law that was denounced by The American People, where representatives and senators were receiving calls 50:50 against - 50% "No" and 50% "Hell No".In response, Wall Street banks employed spam-call-banks to "counter" this outpouring of public opinion and CEOs of Fortune 500 companies broke the law by sending out emails and other communications that essentially threatened their employees with loss of their ...

I repeat: It is time for Congress to lock up the children in their playpen and allow the adults to have a discussion with them regarding solutions to the economic problems we face.If CONgress fails to do so, you will see The DOW at 5,000 and the SP 500 at 500 within the next 12-24 months. Guaranteed.This morning Bernanke's Fed decided to essentially enter the realm of unsecured lending through the creation of a SPV ...

McDonalds has a lower risk of default, as expressed in the Credit-Default Swap market, than the United States Federal Government.Think folks. Think long and hard.This is what the threat to blow $700 billion has done to America. We now have a higher risk of default on our national debt than a company that sells hamburgers has on their private debt.Rick Santelli nailed it this morning. This is a man who is a trader on the ...

/>The cacophony of people who have an idea (as opposed to they have no idea) is getting louder and louder stating loud and clear that this bailout is a BAD IDEA.Weiss Research is the latest with a 24-page white paper:I. Too Little, Too Late to End the Debt Crisis. Congress should1. Disregard data based on the list of troubled banks maintained by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s list currently has 117 institutions ...

Our government is truly unbelievable.Election + Fear = Stupidity.The sort of ban that we saw this morning on shorting - 800 stocks - is both foolish and unprecedented.There are many, many reasons to short a stock that have nothing to do with trying to drive a stock into the ground.For example, if you're concerned about a preferred stock issue, you might short the underlying while being long the preferred. This gives you a 100% safe ...

You would have thought that PIMCO's McCulley was a 2-year old yesterday.He was running his mouth all day long, along with Cramer and everyone else on CNBC, and the message was along the lines of:Paulson has to show the color of his money in bailing out Fannie and Freddie (why McCulley? Are you getting nervous?)Its only going to get worse (if Paulson doesn't act now)Agencies (Fannie/Freddie) need to be privatized (I thought your problem with ...