Wait, wait, wait just a minute! While there is an undeniable need for the Fed's bailout package, suddenly here come the lobbyists to get their part of the biggest handout in History.
The bailout has changed significantly since Friday morning. By Saturday night all bad assets from car loans to credit cards were suddenly being included. By Sunday, we are also bailing out foreign banks. And we now have significant lobbying on the part of firms that caused the mess to actually get hired to manage the bad assets that they have passed on to the taxpayer. Ironically, the longer it takes to pass a bill, the more the markets will hold the proverbial gun to our heads. Let's not be held hostage by the same interests that have gotten us to this place.
Returning To Pre-Depression Financial Structure, Morgan Stanley, Goldman Will Transform Into Regular Banks, Ending An Era (NY Times)
Gasp! Democrats Call For Oversight Of $700 Billion Bailout Funds (NY Times)
Last Night For The House That Ruth Built (NY Post)
The Luxist, All Inclusive National Real Estate Wrap (Luxist)
Landlords Offer More Concessions, Fear Lease Breaks (The Real Deal)
For Buyers, Many Roadblocks (NY Times)
New York From The Water (Telegraph/UK)