Sunday, March 22, 2020

"TARP Failure Monday? With Hours To Go Until Futures Open, McConnell Delays Stimulus Vote"

And Madame Speaker wants a few changes or "non-starter."
This is exactly what I was referring to with the introduction to a March 9 post:
I don't want to do this again.
On September 29, 2008 the politicians got involved (or rather, didn't get involved) and responded to  the proposal from Treasury Secretary Paulson that he become Czar of all he looked upon, to which the Congress replied "Ummmm, no" The DJIA dropped a then-record 777 points, and the markets didn't reach bottom until the second week of March 2009.
And the headliner from ZeroHedge:
Update (1510ET): With talks having broken down, Senate Majority Mitch McConnell (R-KY) has delayed an initial Senate vote on the stimulus package from 3 p.m. until 6 p.m. Sunday.
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Update (1254ET): Lawmakers failed to hammer out an agreement after having deadlocked on several key provisions, according to The Hill.
"We continue to talk," said Senate Minority Leader Chuck Schumer.
House Speaker Nancy Pelosi (D-Calif.) said after the meeting that House Democrats would offer their own stimulus package that she hoped would be “compatible” with the Senate’s package.
I don’t know about Monday but we’re still talking,” Pelosi told reporters, referring to the preferred GOP timeline for passing a bill.
The impasse comes as the Senate will hold a first procedural vote at 3 p.m., where bipartisan support will be needed to move forward.
Democrats will meet at 1 p.m. to discuss their strategy. McConnell has given no indication that he will delay the vote, potentially forcing Democrats to either move forward with the GOP leader’s plan or block the bill from advancing. Schumer did not say as he left the meeting if Democrats would allow the bill to move forward. -The Hill
McConnell says he still want to pass a stimulus package on Monday - describing talks as "very close," but acknowledging that people are still "elbowing and maneuvering for room."
"Now we’re at a point in the discussion where people will shortly have to say yes or no," he added.
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With unemployment surging and GDP crashing, negotiations over a massive coronavirus stimulus package are coming down to the wire, as a 3 p.m. vote looms in the Senate over what is expected to cost between $1.5 - $2 trillion.....MORE
Very related: Friday's after-the-close "It's Time To Buy Some Stocks"