House Financial Services chairman Barney Frank sees the revised TARP package being passed by the House, but hedges a bit, as is prudent given Monday’s surprise “no” vote. He sees the Treasury being able to move quickly to begin buying up bank assets and not having to wait for an oversight board to be appointed.
The stock market was down about 300 points but has begun to bounce on Frank’s comments. The dollar remains quite firm as concerns over the European banking system overshadow signs of a rapidly slowing US economy. EUR/USD bounces are holding south of resistance at 1.3850, trading now at 1.3795.
