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What Next?


Let?? see ?taxpayers bought 80% of AIG, the SEC slapped new restrictions on short-sellers — with a hint of more to come, John McCain said he’d fire Chris Cox if he were president, Cox said he thinks the SEC is doing a fine job, Obama said voters might want to “fire the whole trickle-down, on-your-own, look-the-other-way crowd in Washington” instead… Did I miss anything?

Oh, and now Treasury’s Henry Paulson and the Fed’s Ben Bernanke are meeting with House and Senate leaders — no mention of SEC Chairman Christopher Cox — to “discuss market conditions,” “a comprehensive approach to address the illiquid assets on bank balance sheets,” and they are “exploring all options.” More, presumably to come — but maybe not immediately. The statement from the Treasury (in its entirety after the jump) says they “expect to work through the weekend.”

Here's the statement:

Treasury Secretary Paulson joined Federal Reserve Chairman Bernanke in a meeting with House and Senate Republicans and Democrats to discuss current market conditions. They began a discussion with them on a comprehensive approach to address the illiquid assets on bank balance sheets that are at the underlying source of the current stresses in our financial institutions and financial markets. They are exploring all options, legislative and administrative, and expect to work through the weekend with Congressional leaders to finalize a way forward.


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