MASTER LIMITED PARTNERSHIPS

Monday, September 29, 2008

Well now that we've worked through the opening noise MLPS are down 8 points on the index with the dow down 350 at the low. Energy stocks getting thrown out the window this morning. Crude is crashing...down 7 dollars and about to go under 100 bucks again. All mlps are down...some are down 1 to 2 points.

I suppose its comforting to know that your portfolio is goind down along with the solvency of several other nations. If you are going to go...you might as well go big and take as many people with you as you can!

Gasbags vote at 1pm

9 comments:

Anonymous said...: This is your classic "Sell the rumor, Sell the news market" which only comes along once every 80 years or so...

Mr. Majestyk; 9/29/2008 10:39 AM
Anonymous said...: Since the Fannie and Freddie conservaship on Sept. 8, 2008 there has been massive debt destruction at an amazing scale.

Fannie + Freddie = 36 billion ( plus perhaps some Jr. Debt. )

Lehman = 371.41 billion

WM = 89.24 billion

AIG= 188.30 Billion

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A total of 684.95 billion, of which perhaps there will be a recovery of perhaps on average of 15 cents on the dollar.

We dodged a bullet today ( assuming C survives ) in that they are taking over WB's 237.00 billion in debt.

Fannie + Freddie bondholders were protected as well.

Most corporate debt have taken huge market value haircuts this month as well.

What a mess

HS; 9/29/2008 11:48 AM
Anonymous said...: "This is your classic "Sell the rumor, Sell the news market" which only comes along once every 80 years or so..."

Yeah, banks failures in europe, WB here, with some of the regionals probably soon to come.

I think that there is real fear the the Bailout bill will fail in the House.
The bail-out bill at best may only result in some stability.

Welcome to deflation.

HS; 9/29/2008 12:11 PM
Anonymous said...: HS,

More like Welcome to Depression.

This is a financial catastrophe. The same buffoons who missed the entire subprime buildup will now vote on the subprime bailout. What a great country...; 9/29/2008 12:50 PM
Anonymous said...: It lookd like the bailout voote will be very close and may even fail in the House. One would think that the blowhards would consider the abyss.

HS

http://www.reuters.com/article/marketsNews/idUSN2938437820080929

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UPDATE 1-US House leader hopeful bailout bill will pass
Mon Sep 29, 2008 12:35pm EDT
WASHINGTON, Sept 29 (Reuters) - The majority leader in the U.S. House of Representatives said "hopefully" there were enough votes to pass a $700 billion Wall Street bailout bill on Monday that administration officials said was crucial to avoid a broad economic collapse.

House Majority Leader Steny Hoyer of Maryland told reporters he had marshaled a majority of his fellow Democrats to vote for the politically unpopular bill, and said he hoped Republicans leaders had been able to gather up enough votes on their side as well.

Congressional leaders have predicted a close vote. The House is expected to vote on the plan mid-day on Monday and the Senate is scheduled to vote on Wednesday.

The White House on Monday said President George W. Bush strongly supports the legislation.

House Democratic Whip James Clyburn of South Carolina, told Reuters "We have more than half of our caucus that are going to vote for this bill." He said if half of Democrats voted for it, 100 Republican votes would be necessary to push the legislation to House passage.

"We expect the Republicans to do half of their caucus," Clyburn added.

But given the political difficulties of this vote, some Republicans were bristling that Democrats are looking for so much help from Republicans, despite the fact this bailout is a Republican White House initiative.

"We're working it very hard. This is a tough and tight vote," said one House Republican leadership aide who did not want to be identified.

The aide added that Democrats hold majority control of the House and that House Speaker Nancy Pelosi ought to make sure the measure passes with a strong Democratic vote. (Reporting by Donna Smith and Richard Cowan; Editing by Theodore d'Afflisio); 9/29/2008 12:51 PM
Anonymous said...: Have we capitulated in these damn things yet? How many days of -5% moves can a person take?; 9/29/2008 1:08 PM
Anonymous said...: according to morningstar on mlps, these are fire-sale prices we're seeing.; 9/29/2008 1:18 PM
Anonymous said...: This procedural vote augers well for house passage of the Bail-out bill.

HS

http://www.ktvn.com/Global/story.asp?S=9091592
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Financial Bailout Survives Key Procedural Vote

Posted: Sep 29, 2008 12:58 PM EDT

Hotly contested legislation to bail out the reeling financial industry has survived a key test vote on the House floor.

Members of the House voted 220 to 198 Monday morning to move the bill forward. They approved ground rules for its consideration in the chamber, including three hours of general debate and a final vote, likely by midday.

The initial action on the House floor came not long after President Bush once again urged passage of the legislation. He said that a yes vote would be "a vote to prevent economic damage to you and your community."

(Copyright 2008 by The Associated Press. All Rights Reserved.); 9/29/2008 1:19 PM
Anonymous said...: OTOH this doesn't auger well.

HS

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Boehner urges Republicans to support financial bailout

1:16 PM ET, Sep 29, 2008
06.

Rep. Boehner: Passage of bailout in 'serious doubt'
1:16 PM ET, Sep 29, 2008; 9/29/2008 1:26 PM