The "Not Quite" Agreement Knocks Stocks Off Their Highs

That was brief. Stocks came off their highs on word that there is not quite an agreement yet and that there will be several "add-ons."

There will be a bill (it may get sealed in the White House at the meeting with the President this afternoon), but it may be so burdened with "equity protection" (read: back-door ownership) and "phase-ins" (read: we ain't giving you all the money now) that the Street will argue it will limit participation in the plan.

Remember, the goal is OPT-IN, not OPT-OUT. We want the banks to sell as much as they can to the Treasury so it will be easier for them to begin lending again, we do not want the banks to look for every excuse short of going under before they sell.

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