DJIM #39, 2008

Unfortunately,  it seems the noise this morning is that Republican holdouts have not given their assurance 'votes' on the rescue plan, Wachovia is being sliced and diced, including billions of losses to be absorbed, while across the pond,  U.K/ Europe goes through nationalizing everything and anything...Bradford & Bingly (mortgage lender), Belgo- Dutch (banking Insurance group) etc.   Confidence is fragile this morning..simply.    The bill could get approved on Monday or get pushed to Wednesday.   Treasury intends to start purchasing assets quickly with a sizable amount initially in order to give it a jump start.  However, it will likely take the Treasury 2/3 weeks to start purchasing assets in order to be able to set up the operational requirements such as appointment of asset managers    There are many unclear aspects to the plan in relation to many different things and it probably will weigh on the plan till all is resolved.    

The stock rebound from big early losses on Friday, is just a blurb now and we're back to being frustrated, paralyzed waiting as all of you.   It's a rainout trading day as of this morning,  the playing field is covered by this 'TARP'!.