Wall Street

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The Perils of Positive Thinking
 The Perils of Positive Thinking 
OPINION
Sep 24, 2008 11:39 AM CDT

The Perils of Positive Thinking

Not just greed, but optimism and can-do led to Wall Street's downfall

(Newser) - “Positive thinking,” the philosophy of self-help books and corporate retreats, has had some negative effects on Wall Street, Barbara Ehrenreich writes in the New York Times. It's popular to blame greed of executives and traders for the current meltdown in the financial markets, but the unbridled optimism and...

Bailout Ushers In New Era of Regulation

Increased oversight a natural byproduct or turbulent economic times

(Newser) - When the dust settles on the $700-billion federal bailout, one thing will be clear, the Wall Street Journal writes: that it signals a swing toward government intervention in the business world not seen since the 1980s. Treasury becoming a shareholder in firms it lends to, regulation of credit-default swaps, limits...

Americans Resent Wall St. Bailout

Poll shows 79% seek change of course

(Newser) - Most Americans, struggling unaided with their own financial problems, resent the Wall Street bailout, reports the Los Angeles Times. Taxpayers don't believe it should be government's responsibility to foot the bill for the collapse of America's financial goliaths, according to a Times/Bloomberg poll. But 57% in a separate poll believe...

McCain Dodges Keating Bullet, For Now
 McCain Dodges 
 Keating Bullet, For Now 
ANALYSIS
Sep 23, 2008 3:00 PM CDT

McCain Dodges Keating Bullet, For Now

Newsweek 's Alter sees 'free ride' for candidate involved in 'last great financial scandal'

(Newser) - John McCain is getting a free ride amid the current US financial storm, Newsweek’s Jonathan Alter told MSNBC’s Keith Olbermann last night, citing the Republican’s involvement in the Keating Five savings-and-loan debacle of the late 1980s. “McCain thinks he's getting a hard time, he's really getting...

New Wall Street: Less Risk, Less Innovation, Lower Pay

Era of investment banks ends

(Newser) - When Goldman Sachs and Morgan Stanley ditched the investment banking model, it didn’t just mark the end of an era, it marked the end of Wall Street as we know it, the Wall Street Journal declares in an editorial today. And with investment banks gone, the US financial system...

Bailout Needs Bigger Taxpayer Upside
 Bailout Needs Bigger 
 Taxpayer Upside 
OPINION
Sep 23, 2008 1:00 PM CDT

Bailout Needs Bigger Taxpayer Upside

Public should expect some reward for taking on Wall Street's bad debt

(Newser) - The impending bailout of beleaguered Wall Street behemoths should give the taxpaying public some protection and accountability, writes EJ Dionne Jr. in the Washington Post. The deal should allow the government to claim a stake in financial firms that make money from the bailout, giving taxpayers the chance to reap...

Cheney Hits Hill to Rally GOP Support for Bailout

VP 'walking into a firing squad' says one House aide

(Newser) - Dick Cheney met with House Republicans today to try to shore up support for the administration’s financial bailout plan, Fox News reports. The plan faces considerable opposition from conservatives who are wary of what they see as a “socialist” solution and its huge price tag. "Cheney is...

Americans Blame GOP for Economy by 2-to-1

(Newser) - Voters blame the GOP over Democrats for the Wall Street crisis by a 2-to-1 margin that may be boosting Barack Obama's overall numbers, a new poll says. Nearly half of Americans pinned blame on Republicans while only about a quarter held Democrats responsible. And Obama held a 10-point lead among...

Wall St. Disarray Leaves Mess for Nonprofits

Charitable giving suffers as firms fold, merge, cut back

(Newser) - The victims of the Wall Street tsunami aren't all investment bankers and McMansion brokers. Kids with diabetes, residents of low-income housing, and fans of classical music are among those who could take a hit as nonprofits that depend on philanthropy from financial services firms absorb the fallout, the Boston Globe...

Hedge Funds in Panic on Volatility, Short-Selling Ban

Fear is main force handcuffing risk-taking investors

(Newser) - Hedge funds have been caught flatfooted as the stock market’s volatility and a ban on short selling has made it more difficult to predict swings, the New York Times reports. Many funds, which generally have flourished amid market turbulence, are reporting their worst year ever, fueling speculation that some...

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York, and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street,...

Dems Bristle Over 'Blank Check' Bailout

Lawmakers vow not to rush bill like Sept. 11 legislation

(Newser) - Democratic lawmakers showed concern today over a proposed $700 billion bailout plan that Barack Obama called a "blank check," Politico reports. Sen. Patrick Leahy vowed not to repeat their post-Sept. 11 mistake—of rushing legislation that President Bush used to justify wiretapping—while others said voters may see...

Young Hopefuls Hit Hard by Credit Crunch

Interns give up dream of retiring at 35 with house in Hamptons

(Newser) - The sad eyes of interns watched Wall Street's precipitous drop all week. These "lackeys," who had worked all summer at investment firms, can no longer expect to  retire at 35 with houses in the Hamptons and "a closetful of Brioni suits and Hermès ties," David...

Wall St. Ads Must Stop Lying
 Wall St. Ads Must Stop Lying 
OPINION
Sep 20, 2008 7:11 PM CDT

Wall St. Ads Must Stop Lying

Time for banks to level with customers

(Newser) - You may see some ironic ads by flicking on CNBC. Financial companies have spent decades advertising their stability and trustworthiness, but these days such claims seem ridiculous, writes Paul Farhi of the Washington Post. As recently as Monday, AIG was running ads with the slogan “The Strength to Be...

Bush Asks Congress for $700B Bailout Fund

President urges swift action, 'and the cleaner the better'

(Newser) - The Bush administration today formally asked Congress to authorize a $700 billion fund, administered by the Treasury Department, to help troubled financial institutions unload bad debt, the Washington Post reports. The figure is $200 billion higher than legislators were led to expect yesterday, and the national debt limit would be...

Wall Street's New Rules Worry Traders
Wall Street's New Rules Worry Traders
Sep 20, 2008 11:22 AM CDT

Wall Street's New Rules Worry Traders

Temporary ban on short-selling causes fundamental shifts

(Newser) - Stocks roared back to life yesterday on the government’s actions to stabilize the markets, but many traders expressed uncertainty about the new rules of the game, the New York Times reports. The temporary ban on short selling and the new requirement to disclose such trades have wreaked havoc with...

Bernanke, Paulson Put Fear of God Into Pols

Of meeting with officials, lawmaker says: 'We have never heard language like this'

(Newser) - Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the...

In Fla., Obama Lays Into 'Panicked' Mac

Dem touts focus on 'Main Street,' targets state's women, retirees

(Newser) - Barack Obama criticized the administration’s response to the plight of working families today, while calling for steps to regulate large financial institutions, CNN reports. “We cannot only have a plan for Wall Street,” he said. “We must also help Main Street as well.” The Democrat...

Market Meltdown Will Handcuff Next President
Market Meltdown Will Handcuff Next President
analysis
Sep 19, 2008 12:00 PM CDT

Market Meltdown Will Handcuff Next President

Crisis will tie the hands of the incoming president

(Newser) - It will be harder for the next president to pursue grand plans in the wake of this week’s financial meltdown, writes Gerald Seib in the Wall Street Journal. Beyond its immediate impact on the campaign, the crisis has “ripple effects.” The amount of money the Fed has...

Little Guy 'Cries a Lot' as Market Hurts All Over

Investors seek options, others dip into savings for house payments

(Newser) - Wall Street’s crisis has prompted a variety of reactions in everyday lives as Americans rush to decide where to put their faith and their dollars—and try to avoid the pain, the Wall Street Journal reports. Some are pulling their money out of the markets as conditions worsen, while...

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