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Stocks rally as Bush pushes revived bailout

* Bush says Congress must act on bank bailout
* U.S. stocks shoot higher; dollar, oil rise
* Ireland guarantees 400 bln euros in liabilities
* France''s Dexia gets 6.4 bln euro lifeline (Adds quotes, detail on accounting change, upcoming data)
By Eddie Evans and Kevin Krolicki
NEW YORK/WASHINGTON Sept 30 (Reuters) - U.S. lawmakers and President George W. Bush eased pressure on financial markets on Tuesday by starting work to revive a $700 billion bailout plan to stem a credit crisis that has spread beyond Wall Street to claim more European banks.
U.S. stocks roared back -- a day after their worst sell-off in 21 years -- and the dollar rallied as investors bet Washington would manage to salvage a package to stabilize the financial sector after Monday''s shock defeat on Capitol Hill.
The Standard & Poor''s 500 index shot up by more than 5 percent, the biggest one-day gain for that measure of the broad market in six years.
The relief rally came as the White House, Treasury Secretary Henry Paulson and the two candidates hoping to succeed Bush as president, Republican John McCain and Democrat Barack Obama, reaffirmed their support for a bailout plan. Congressional leaders started talks to relaunch the package this week.
"There''s an overarching belief that at some point this week, whether it''s Wednesday or Thursday, we''ll get something passed by the House," said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.
Global money markets remained frozen, and London interbank offered rates shot to record levels, indicating banks were not lending to each other. The rate for overnight dollar loans rose to nearly 6.9 percent from just over 2.5 percent on Monday.
The U.S. bailout plan, which would allow the Treasury Department to buy toxic mortgage-related assets from banks, had been the main hope for government action to unlock credit markets and head off a deeper economic downturn in the United States and abroad.
"I assure our citizens and citizens around the world that this is not the end of the legislative process," Bush said.
U.S. regulators were also readying a revision of the "fair value" accounting rule that has led to massive charges on mortgage-related assets, and has been blamed for deepening the credit crisis. The upshot: U.S. banks do not need to mark hard-to-price assets down to firesale prices.
In a separate move intended to shore up consumer and business confidence in banks, the Federal Deposit Insurance Corp (FDIC) is looking to increase the amount of individual deposits it insures.
"All eyes are still on the authorities and their attempts to rescue the financial system," said Vassili Serebriakov, currency strategist at Wells Fargo Bank. "While the Treasury''s bailout plan was rejected by lawmakers yesterday, most are still waiting for either a new vote or a ''plan B'' type of move."
GLOBAL AFTERSHOCKS
From Dublin to Moscow, the financial crisis is an ominous presence.
Ireland unveiled a blanket guarantee for savings held by its banks, and for the second time in a month Russia briefly shut down its stock markets.
France, Belgium and Luxembourg poured 6.4 billion euros into Franco-Belgian bank Dexia to avoid defaults on its loans, and France promised new bank measures to help depositors.
Shares of British bank HBOS Plc fell on concerns that Lloyds TSB Group Plc could renegotiate a deal to buy HBOS.
Dutch-Belgian banking and insurance group Fortis was partially nationalised and regional U.S. bank Wachovia sold its banking operations to Citigroup.
The dollar rose against the yen and oil rebounded. European stocks bounced back from the three-year lows hit Monday.
Shares of the U.S. banks seen emerging with a strengthened hand after the crisis, including Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp, shot higher on Tuesday.
The gains for stocks came against the backdrop of the end of the third quarter, historically a time when corporate profit warnings and fund redemptions spike.
Hedge fund managers are bracing for a wave of investors to cash out as money rushes to safe haven assets.
"I would expect company managements would use this camouflage of the financial crisis as the rationale for marking down expectations," said Ned Riley, chief executive of Riley Asset Management.
WASHINGTON REMAINS EPICENTER
Top Senate leaders vowed swift action to pass a rescue plan.
Congress was not in session on Tuesday because of the Jewish holiday of Rosh Hashanah. The Senate could take up bailout legislation again as early as Wednesday. The House is due to return on Thursday.
A number of the Republicans and Democrats who helped defeat the bailout are up for reelection in November in tight races and had faced widespread voter anger over the bailout.
Many Americans saw the $700 billion fund as an unfair burden on taxpayers and a reward for powerful bankers they blame for creating the housing market bubble.
That put the focus on potential changes to the rescue package that might win over votes from representatives in areas hardest hit by the housing crash such as Florida, California and the Southwest.
"Wall Street as we knew it is already toast -- beyond bailing out -- but the public still thinks of this legislation as bailing out Wall Street," said Donald Straszheim, vice chairman of Roth Capital Partners in Los Angeles. "Until this perception changes, do-overs to quickly pass similar legislation won''t fly."
One of the first signs of how quickly the economic pain is spreading from Wall Street to Main Street will come with Wednesday''s release of U.S. auto sales for September, when the financial crisis began to topple banks and freeze credit.
Major U.S. auto dealers report difficulty finding financing for car shoppers and tougher terms for funding their own inventories. All major automakers are expected to report sales declines.

No bailout? Here''''s Plan B

Much can be done to help credit markets and troubled banks - even if Congress can''''t agree on bailout.

NEW YORK (CNNMoney) -- A day after the House''''s surprise defeat of a $700 billion financial rescue bill, talk is growing louder about alternative government steps that could help battered credit markets and stave off broader problems in the economy.

Among the proposals policymakers are discussing: Change rules to ease the capital burdens on banks; make more FDIC insurance available to bank customers; and cut short-term interest rates.

"Every little bit helps," said Lyle Gramley, a former Federal Reserve governor who is now with policy research firm Stanford Group. "When you''''re in a situation we''''re in now, you use any tools that might work."

In fact, the first changes came late Tuesday afternoon in announcements by two principal agencies.

The Securities and Exchange Commission and the Federal Accounting Standards Board issued new guidance to companies about how to value securities when the market for them vanish.

The issue - how to put a value on assets that nobody wanted to buy - is central to the credit crisis. Banks and securities firms have written down $500 billion worth of mortgage-backed securities as home prices fell and foreclosures rose.

According to the new guidance issued Tuesday, when the market for such securities dries up, companies can value them based on their estimated future cash flow. Some experts blame the previous rules, known as mark-to-market, for the credit crisis.

"The SEC has destroyed about $500 billion of capital by their continued insistence that mortgage-backed securities be valued at market value when there is no market," said William Isaac, a former chairman of the FDIC. "It''''s way below their economic value. And because banks essentially lend $10 for every dollar of capital they have, they''''ve essentially destroyed $5 trillion in lending capacity."

But others argue the accounting change will come at a cost. They say without those strict rules, investors would be more reluctant to invest in banks - and make it even tougher for the banks to attract new capital.

"Does that make you less attractive as a public company? Absolutely," said Art Hogan, chief market analyst at Jefferies & Co.

The SEC wasn''''t the only regulator busy taking action on Tuesday. The Federal Deposit Insurance Corp. proposed raising the cap on bank deposits insured by the FDIC.

"A temporary broadening of the FDIC''''s guarantee will provide some additional needed confidence in the marketplace," said Sheila Bair, FDIC chairman.

Presidential candidates Barack Obama and John McCain had called for raising the limits earlier in the day.

The current limit - $100,000 in most instances - has been unchanged since 1980 despite inflation. It protected as much as 82% of deposits in 1991 but today it only covers 63%.

Raising the cap could stem a potential run on deposits by bank customers, particularly businesses, who fear losing their money. Such fears led to the collapse of Washington Mutual (WM, Fortune 500) and Wachovia Bank (WB, Fortune 500) in the past week.
Kicking the tires on other fixes

The SEC and FDIC changes announced Tuesday are not the only ideas being discussed in Washington and among economists. Some others:

* Change federal requirements that force banks to keep a certain level of cash on hand for every dollar they lend out.
* Give banks the chance to exchange loan notes for FDIC notes, which be more valuable and allowing the banks more flexibility to make loans.
* Purchase on a massive scale mortgage-backed securities issued by finance giants Fannie Mae and Freddie Mac.
* Extend limits on short sales of financial sector stocks.
* Cut the fed funds rate - the Federal Reserve''''s target for short-term lending - perhaps all the way to zero, or in coordination with rate cuts by other central banks around the globe.

Clearly, the controversial $700 billion bailout package - which would give the Treasury Secretary authority to buy distressed assets - is not the only way to unfreeze troubled credit markets.

But it''''s also true that none of the proposals is without downsides and dissenters.

Gramley, the former Fed governor, questions the wisdom of getting rid of mark-to-market accounting. He would rather see the FDIC and other regulators relax their rules governing the ratio banks must maintain between capital and loans on their books. Those rules are choking off credit to good customers, he said.

Gramley said he knows of a businessman with strong credit and a $20 million net worth who was rejected for a renewal of a $1.8 million business loan.

"The bank told him, ''''Our regulators are requiring us to improve our capital ratios, but we can''''t raise capital because the market is shot,'''' " Gramley said.

Former FDIC chairman Isaac argues that changing capital ratio requirements or easing other regulations would only lead to deeper problems down the road. "That simply doesn''''t play well," he said.
Big bailout still looms

Meanwhile, the Bush administration''''s push for its big rescue plan continued on Tuesday.

"The alternatives are good - I don''''t think they do any harm," said Brian Gardner, the Washington analyst for KBW, an investment firm specializing in financial services. "But none of them are as powerful as the rescue package would be."

Right now, it seems a long shot that a new vote would take place in either the House or Senate before Thursday. Stocks rallied on Tuesday as investors believed that Congress will still approve the bill. Credit markets stayed very tight and banks are still reluctant to lend to one another.

And even advocates of the bailout plan concede that the alternate measures may yet be needed if passage of the bill does not unfreeze credit markets.

"It doesn''''t fix everything," said Hogan. "It doesn''''t force the institutions to lend to each other or lend to consumers and businesses. That''''s why they''''ll hold onto these alternatives. I think you need to keep dry powder if you have to use them in the future." To top of page



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