Stocks lower as Paulson unveils change in bailout

bullshit....the DOW was down when Paulson started his speech, remained mostly level for 2 hours and is now going up.

Gotta love old Pat "Hands Across my Asti" Paulson.

I can only assume you can't tell the difference between PAT and Henry.

BRILLIANT OBSERVATION.

I guess the subject matter is a tad over your head?

You either didn't read Woiyo's post or you have the reading comprehension of a gnat. I'm leaning toward the latter.

yes, I'm sure it's all over my head, however facts are facts. The DOW opened down and continued falling until Paulson began his press conference and it's been relatively level for the past 3 hours.

Source: Business Week

Stocks beaten down by changes in bailout plan, concerns over consumer spending, economy

NEW YORK (AP) -- Wall Street remained weary Wednesday, disheartened by more signs of economic stress -- including dismal reports from major retailers, a bleak outlook for the nation's auto industry and additional job cuts in the already beaten-down financial sector. News that the government won't buy banks' soured mortgage assets as originally planned further discouraged investors. The Dow Jones industrials fell nearly 300 points, and all the major indexes dropped more than 3 percent as the market retreated for a third straight session.

http://biz.yahoo.com/ap/081112/wall_street.html

woiyo, in your original post we read

now that just wasn't true was it?

The actual subject matter is the impact this dunce, Paulson, had on the market by changing the plans for the bailout.

I did not write the article, so maybe you can write the publisher.

Other than that, I can see will can not provide any meaningful insight to this important subject. The market closed down over 400 points.

At the same time Paulson was changing the rules, Barney Frank was giving a press conference about how he will buy up the bad mortgages.

As usual, govt inaction.

"So here I am on Capitol Hill covering a hearing at the House Financial Services Committee (starring Chairman Barney Frank D-MA), entitled Private Sector Cooperation with Mortgage Modifications"Ensuring That Investors, Servicers, and Lenders Provide Real Help for Troubled Homeowners.

I'm thinking that it's just going to be a private-sector bashing by Barney for all that the private sector is not doing to save troubled borrowers. Instead, I hear the Chairman open his remarks with a plea to Treasury to use some of that TARP money to buy troubled loans:

"I believe that we still have a need for that funding to be used to put the federal government in the position of being the owner, so we can do the kind of sensible write-down of mortgage payments to avoid foreclosure that is in the interest of the economy as a whole."

Imagine my surprise when I learn that at the very same time the Chairman is speaking those words, the Treasury Secretary is saying just the opposite, just about a mile down Pennsylvania Avenue:

"Purchasing troubled assets"our initial focus"would take time to implement and would not be sufficient given the severity of the problem."

So no more dreams of TARP money in the mortgage investors' Christmas stockings. This as those very same private sector investors are telling the Chairman of the Financial Services Committee that while they would really like to modify as many loans as possible, they don't always have the legal authority to do that. "
http://www.cnbc.com/id/27680501