A measure of U.S. manufacturing activity contracted more than expected last month, hitting the lowest level since the aftermath of the Sept. 11 attacks, as new orders slowed dramatically.
The Institute for Supply Management on Wednesday released a September reading of 43.5, the lowest level since October 2001. The reading dropped from 49.9 in August, the largest one-month decline since January, 1984, when it fell to 60.5 from 69.9.
Attached is the actual Senate Bill. It's 451 pages.
I'll post analysis and update this as I find them.
Still appears to bail out foreign banks. Has a SEC suspension of the mark-to-market rule. I believe people focusing on on this is a smoke screen. The real issue is the pricing of assets and how does that unclog the credit markets?
It's still seemingly paying possibly way too much on worthless assets and on top of it...
The mark-to-market rule is supposed to be in place of the Paulson bill, not with the Paulson bill which implies even more the US taxpayer will pay way too much for these assets.
Either they have the assets be completely transparent if the US taxpayer is on the hook for them OR they allow the banks to muddle the accounting for a moment as a stop gap.
Credit-card charge-offs are "defying gravity" when compared with the problems in the mortgage market, according to Gregory Larkin, senior banking analyst for Innovest
CBS Market Watch has a story that Credit Card defaults, in other words people who cannot pay off their credit cards can exceed home mortgage defaults.
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