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Last week the Senate cleared the way to release the remaining $350 billion from the $700 billion financial bailout aimed at stabilizing the sinking economy.
However, to win approval, Obama and his team made extensive promises to Democrats and Republicans that the funds would be used to better address the deepening mortgage foreclosure crisis and that tighter accounting standards would be enforced.
According to Rep. Barney Frank (D-MA) expect two clear changes in the way TARP money is used.
1) “The biggest single change is that Obama will be using up to $100 billion to avoid foreclosures,” Frank says.
2) Also, banks will only receive money after “they tell the government how the money will be used. And no bank will be permitted to use TARP money for an acquisition unless it’s made clear that it’s to the taxpayers advantage.
Will the changes help lift banks stocks?
According to CNBC’s Bob Pisani, don’t expect miracles; the Street doesn't believe the TARP is working. He says, “the Street believes that the financials leading the market down is an indication of where the market is going over the next 6 months.”
He adds “the bulls think we’re going to be flat over the next 6 months and the bears think we’re down 10%.”
What’s the bottom line? The Street is just bearish on the financials right now, concludes Pisani. Right now they have no earnings power and the Street doesn’t see anyway out in the near future.
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Trader disclosure: On Jan 19, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Karabell Owns (AAPL), (GOOG), (JPM), (TSO), (TC); Seymour Owns (AAPL), (BAC); Seygem Asset Management Owns (COP)
GE Is The Parent Company Of CNBC
Charles Schwab Is A Sponsor Of "Fast Money"
Terranova Works For (VRTS): Virtus Investment Partners Owns (XOM), (CSX), (FLR), (COP), (VLO), (X)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.: Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (DLR), (EPR), (EXR), (IGE), (SLB), (MAC), (DBC), (DBV), (SKT), (UA), (CLB)
Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights: Virtus Investment Partners Owns More Than 1% Of Corporate Office Properties Trust SBI MD: Virtus Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund – Money Market Fund
Data is a real-time snapshot *Data is delayed at least 15 minutes