bailout

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Germany Moves to Rein In Future Borrowing

Constitution will be changed to ban excess borrowing: Merkel

(Newser) - As Berlin rolls out a record $65 billion stimulus package, it's also making excessive government borrowing a constitutional crime. The new amendment—which will limit the national deficit to .5% of GDP "in normal economic times"—is a sign of the government's discomfort with its new stimulus, which...

Bush, Obama Call for 2nd TARP $350B

(Newser) - President Bush and Barack Obama asked Congress today to release the remaining $350 billion in TARP funds to prop up the troubled US financial system. The White House said Bush acted on a request from the president-elect, who takes office next week. Congress may vote on the request as early...

Bush Plays Hardball to Get Remaining Bailout Funds

President plans request for $350B, threatens veto if Congress demurs

(Newser) - President Bush and President-Elect Obama both want the second half of the $700 billion in bailout funds released, and if Congress votes against it, whichever one is in office has the right to veto their "no" vote, the Washington Post reports. With many lawmakers opposing the measure, the two...

Report Rips TARP Strategy (or Lack Thereof)

Failure to track funds or evaluate effectiveness troubles panel

(Newser) - So much for transparency. A blistering draft report being issued by a congressional oversight panel today says Treasury has failed to reveal its strategy for stabilizing the financial system and failed to answer questions asked by the watchdog group, the Wall Street Journal reports. But worse still, it’s done...

Geithner Overhauls Bailout to Aid Homeowners, Small Biz

Obama team wants to cover homeowners, small business

(Newser) - The incoming Treasury secretary, Tim Geithner, is conducting a top-to-bottom overhaul of the $700 billion financial rescue program passed by a skeptical Congress last fall. Geithner and other Obama advisers will expand the program to cover small businesses, municipalities, and even homeowners before asking Congress for the second tranche of...

Porn Kings Want Federal Bailout

$5B sought to 'rejuvenate sexual appetite'

(Newser) - Recession depression has hampered America's sex drive, claim Larry Flynt (of Hustler fame) and Joe Francis (Girls Gone Wild). The adult-entertainment kings want a federal bailout for slumping DVD sales, down 22% in the past year. Placing themselves alongside Detroit’s automakers in national importance, the duo says Congress should...

$173B Later, Taxpayers Still Can't Get a Loan
$173B Later, Taxpayers
Still Can't Get a Loan
ANALYSIS
Jan 6, 2009 10:09 AM CST

$173B Later, Taxpayers Still Can't Get a Loan

Consumer credit remains frozen, even at banks flush with bailout funds

(Newser) - Though US taxpayers own $172.5 billion of shares and warrants in 208 financial institutions, most of them still can’t get a loan. Interbank lending rates have fallen since TARP funds have been paid out, but consumer lending remains tight and average credit card rates are virtually unchanged from...

Bailout Success Will Teach Wrong Lesson
Bailout Success Will Teach Wrong Lesson
OPINION
Jan 1, 2009 5:03 AM CST

Bailout Success Will Teach Wrong Lesson

Rescuing firms from mess they created will send message that bills don't need to be paid

(Newser) - America needs to learn some hard lessons that a $700 billion bailout of the economy isn't going to teach, David Ignatius writes in the Washington Post. If the the country manages to dodge a depression, the message will be that irresponsible behavior brings a rescue, and that bills don't need...

GMAC Grabs $6B Federal Lifeline

Government uses bailout funds used to buy stake in auto finance giant

(Newser) - The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can...

Lawyers Are Big Winners in Bailout
Lawyers Are
Big Winners
in Bailout
Dec 29, 2008 8:00 AM CST

Lawyers Are Big Winners in Bailout

Veterans of S&L bailouts in catbird seat in current crisis

(Newser) - For a tight-knit group of former top government officials, the current financial crisis is a golden opportunity. Veterans of the savings and loan bailout of the 1990s, these operatives, now mostly lawyers and bank advisers, are doing a brisk business telling clients how to profit from the meltdown, the New ...

The Year in (Wiki) Questions
 The Year in (Wiki) Questions
Dec 25, 2008 2:31 PM CST

The Year in (Wiki) Questions

Month-by-month, WikiAnswers lists the top questions of 2008

(Newser) - Need a primer on 2008? TechCrunch runs down common questions from each month on WikiAnswers:
  • January: When was the last time snow fell in Baghdad?
  • February: Why did the Hollywood writers go on strike?
  • March: Why did Bear Stearns fail?
  • April: Which races has Danica Patrick won?
  • May: How successful
...

The US Has Become the GM of Nations
The US Has Become the
GM of Nations
OPINION
Dec 24, 2008 6:42 AM CST

The US Has Become the GM of Nations

Friedman: Stimulus must be a reboot, not just a bailout

(Newser) - Last week Tom Friedman flew from Hong Kong to New York, and the contrast between the two cities' airports was "like going from the Jetsons to the Flintstones." For the New York Times columnist, American infrastructure has become a symbol for a country that, for all its...

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would...

Bailouts a Fling for Nation Married to Free Market

Bailouts not a betrayal of free market ethos, really

(Newser) - Washington's bailout of the auto industry would normally "be a turning point in the history of American Capitalism,” writes Steven Pearlstein of the Washington Post. Now it’s business as usual in “Bailout Nation.” That doesn’t mean the US has abandoned its free market ethos,...

Paulson Wants Next $350B, But Bush May Not Ask for It

Request likely to set off more hand-wringing in Congress over bailout tactics

(Newser) - Treasury Secretary Henry Paulson called today for Congress to release the second half of the $700 billion bailout fund, but his plea isn’t being echoed at the White House—which would have to make the formal request, the Wall Street Journal reports. “It’s not necessarily true that...

Auto Rescue Lifts Stocks
Auto Rescue Lifts Stocks 
MARKET Open
Dec 19, 2008 8:53 AM CST

Auto Rescue Lifts Stocks

In some ways, these tiny days are a nice change of pace

(Newser) - Stocks started off in the right direction this morning, buoyed by the White House’s rollout of its auto rescue plan. The Dow rose 67 points, while the S&P and Nasdaq added 0.7% and 1.6% respectively, the Wall Street Journal reports. President Bush announced a $17.4...

White House Gives Automakers $17.4B Bailout

(Newser) - President Bush rolled out a $17.4 billion emergency loan package for US automakers today, promising $13.4 billion in immediate short-term loans from the remaining TARP funds and an additional $4 billion available in February, MSNBC reports. But the clock is ticking, as the companies must show they are...

Troubled LA Museum Wins $30M Bailout

MoCA warms to Eli Broad amid reports that director has resigned

(Newser) - LA's troubled Museum of Contemporary Art is moving toward a bailout deal with Eli Broad, reports the Los Angeles Times. The billionaire real estate investor and art collector offered MoCA a $30 million donation contingent on improved performance, which board members favored over a merger with the Los Angeles County...

GM, Chrysler May Win Loan Deal as Soon as Today

Talks on Thursday brought automakers nearer to bailout, sources say

(Newser) - In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued...

White House Mulls Automaker Bankruptcies

Feds would offer support in giving automakers 'soft landing'

(Newser) - The Bush administration is considering “orderly” bankruptcies as one way to help General Motors and Chrysler, the New York Times reports. The government could support the companies while working on the terms of federal protection, providing what the White House calls a “soft landing.” With the possibility...

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