House of Representatives found some cajones.
Markets tanked because no bailout = panic.
President Bush told American public no bailout = financial disaster.
Enough members of public believed to panic sell.
There is no inter-bank credit so something has to be done but enough representatives want to find palatable solution because they realize they represent their constituencies and average joe is not seeing mortgage relief from yesterday's plan.
Monday, September 15, 2008
Today is final day of synopsis being a Lehman or financial blog.
It is the way of a capitalistic society to let a weaker company fail, even if the weakness comes from bad leadership at the top.
Saving grace of bankruptcy is golden parachutes for CEOs are eliminated.