bailout

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Bailout Won't Bail Out Bernanke
 Bailout Won't 
 Bail Out Bernanke 
OPINION
Oct 6, 2008 2:42 PM CDT

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense...

Dow Down 700, Hits 4-Year Low
 Dow Down 700, Hits 4-Year Low 
UPDATED
Oct 6, 2008 1:58 PM CDT

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(Newser) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200...

Paulson Picks Goldman Alum to Oversee Bailout Fund

35-year-old to keep seat warm until Jan.

(Newser) - Treasury Secretary Henry Paulson will name former Goldman Sachs banker Neel Kashkari to oversee the $700 billion bailout fund approved last week, reports the Wall Street Journal. The appointment is an interim one for Kashkari, 35, currently an assistant Treasury secretary; a new administration would almost certainly appoint its own...

Economic Crisis Is Too Advanced for Rescue

Layoffs just part of the problem, as states, consumers cut back

(Newser) - September's spike in US unemployment numbers was the latest indication of a faltering economy, but the country's problems certainly aren't limited to layoffs. Unfortunately, the $700 billion bailout plan won't make things much better, analysts tell the Los Angeles Times. From consumer activity to state governments, the economic signs are...

Obama Gets Tough in Sharp New Ads
Obama Gets Tough in Sharp New Ads
Oct 5, 2008 8:31 AM CDT

Obama Gets Tough in Sharp New Ads

Camp launching preemptive counter-assault

(Newser) - Barack Obama is getting his political jujitsu on, reports Politico, launching a preemptive strike against John McCain’s upcoming attack ads with an aggressive message of his own: McCain is erratic and out of touch. The McCain camp plans to run ads next week tying Obama to a convicted money...

Paulson Lost Some Cred
 Paulson Lost Some Cred 
ANALYSIS
Oct 4, 2008 5:01 PM CDT

Paulson Lost Some Cred

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(Newser) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his...

Socialists: Rescue Plan's Not Our Bag

Far left thinks $700B bailout is just capitalism remixed

(Newser) - Some on the right are decrying the $700 billion rescue plan as a step toward American socialism, but the real socialists beg to differ, the Wall Street Journal reports. “Bailing out the biggest financial corporations in the country is a far cry from what we have in mind when...

For Paulson, Toughest Part Lies Ahead

Treasury has just weeks to create asset-buying behemoth

(Newser) - The real work for the Treasury Department begins now that the bailout bill has passed, the New York Times writes. Secretary Henry Paulson has less than a month to get a massive asset management firm up and running, and to start pricing the toxic securities that have flummoxed experts. The...

Street Shrugs Off Bailout OK
 Street Shrugs Off Bailout OK 
MARKETS
Oct 3, 2008 3:35 PM CDT

Street Shrugs Off Bailout OK

Markets rack up more losses despite bill's passage

(Newser) - Investors were feeling finicky today, pushing stocks higher by 300 points after the House approved the revised $700 billion bailout, then reversing the gains and moving the major indices to sharp weekly losses, MarketWatch says. The Dow dropped 157.15 to 10,325.70. The Nasdaq lost 29.33, finishing...

Bush Moves Quickly, Signs Bailout Bill Into Law

Reps who switched vote already spinning change for constituents

(Newser) - Less than 2 hours after the House passed the $700 billion bailout bill, President Bush signed it this afternoon. With a stroke of a pen, he set in motion $110 million in tax cuts and sent the legislators on both sides of the 263-171 vote home to explain themselves to...

Revised Bailout Bill Easily Clears House, 263-171

(Newser) - The House passed the revised $700 billion buyout plan this afternoon, 263-171, raising hopes that the economy will be able to fend off a recession, reports the Washington Post. After 5 days of arm-twisting, 26 Republicans switched their no votes; a total of 91 joined 172 Democrats in backing the...

Perky, Populist Palin Saves McCain Again
Perky, Populist Palin Saves McCain Again
OPINION
Oct 3, 2008 10:05 AM CDT

Perky, Populist Palin Saves McCain Again

Noonan: She's a little transparent but still very effective

(Newser) - Sarah Palin starred in her own political "infomercial" last night and once again revived John McCain's flagging campaign, writes Peggy Noonan of the Wall Street Journal. Palin looked "not petrified but peppy," her style far more suited to a debate than a cerebral interview. Biden seemed to...

California, Out of Cash, Begs for $7B From Treasury

Cash-starved Calif, credit markets, may need bailout of its own

(Newser) - California is almost out of cash, Gov. Arnold Schwarzenegger warned the Treasury Department yesterday, and may need an emergency loan of up to $7 billion from the federal government, the Los Angeles Times reports. California is the largest of several states locked out of the bond market by the credit...

House Steels for High Noon Bailout Vote

Efforts to sway votes move into overdrive as second effort looms

(Newser) - Leaders and lobbyists are scrambling to marshal support for the revamped bailout bill before it returns to the House at midday today, the Washington Post reports. Democratic and GOP chiefs believe they can sway enough votes to swing it—although only a few have switched so far. Some Republicans who...

'Silent Run' Doomed Wachovia
 'Silent Run' Doomed Wachovia 
Oct 2, 2008 4:32 PM CDT

'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

(Newser) - Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally insured limit.

Dow Reels on Economic Fears
 Dow Reels on Economic Fears   
MARKETS
Oct 2, 2008 3:43 PM CDT

Dow Reels on Economic Fears

Bailout progress fails to inspire confidence in equities

(Newser) - Stocks fell sharply today as political progress on the bailout failed to encourage traders who were absorbing poor jobs and manufacturing data, MarketWatch reports. The Dow lost 348.22 and closed at 10,482.85, the Nasdaq shed 92.68 to 1,976.72, and the S&P 500 fell...

Bloomberg: I Don't Want to Walk Away

'Unprecedented challenges' push NYC mayor to seek 3rd term

(Newser) - Michael Bloomberg is officially seeking a third term to rescue New York from "meltdown" in the financial crisis, the Daily News reports. “I don’t want to walk away,” the mayor said in explaining why he intends to rewrite city rules despite thinking “term limits is...

Bill's New Baubles Persuade Some, May Scare Others

Adding pet projects could cost support of conservative Blue Dog Dems

(Newser) - The Senate’s version of the bailout bill is loaded with provisions specifically designed to sweeten the pot for House dissenters, Politico reports, including $3.3 billion for rural schools, equal health coverage for the mentally ill, and a suspension of the Alternative Minimum Tax. These changes may win over...

Pressure Shifts Back to Pelosi
 Pressure Shifts Back to Pelosi 
ANALYSIS
Oct 2, 2008 12:46 PM CDT

Pressure Shifts Back to Pelosi

Speaker, derided for partisan remarks ahead of first vote, gets another crack at bailout bill

(Newser) - After Republicans blamed partisan remarks for dooming Monday’s bailout vote, Speaker Nancy Pelosi is firmly in the crosshairs with a second chance coming tomorrow, the Sacramento Bee reports. But the Democrat isn’t backing off, a rep says. “Part of being able to deal with this crisis is...

Mac Chilly to Obama's Senate Greeting

GOP nominee rewards Dem's advance with cursory handshake

(Newser) - Last night's bailout vote featured a moment of campaign drama on the Senate floor, the New York Times notes. Barack Obama, who arrived in the chamber at 5pm, crossed the aisle to greet John McCain when he arrived about three hours later. Their handshake lasted barely a second, as McCain...

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