The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.So, I expect another good day on Wall Street tomorrow as CEOs dream of all the phat lewt they'll get from this, not to mention being able to lie about how much the toxic trash they have is worth. Asian markets are up 1.5% or so in anticipation of the screwing to come.
The bill adds new provisions - including raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.
The vote is scheduled for after sundown, in observance of the Jewish holiday. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote.
McSame, Obama, Biden all expected to be there to vote yes, I would assume.
We'll see how this affects the LIBOR and the credit spreads in about 8 hours or so.