bailout

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How Much Is Main St. Willing to Suffer to Punish Wall St.?

The economic hole is deep, and 'we're all in it together': Pearlstein

(Newser) - If people understood how bad the financial situation is, there would be less hostility toward the bailout, writes Steven Pearlstein in the Washington Post. Americans haven't owned up to having helped create the credit bubble that is now deflating, and Wall Streeters haven't owned up to their "greed, arrogance,...

Senate to Tweak Bailout —But not Much

Dissenting Dems, GOP want different changes

(Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for...

In Poll, More Blame GOP, Bush for Bailout Failure

90% worry economy will suffer more

(Newser) - A poll shows that 44% of Americans blame Republicans and 21% Democrats for the failed bailout, though a majority thought the plan didn't go far enough to protect the public, reports the Washington Post. Respondents were split on the bill: 45% were for it, 47% against it. Still, almost 90%...

'Nihilist' House GOP Doomed US to Recession
'Nihilist' House GOP Doomed US to Recession
OPINION
Sep 30, 2008 12:00 PM CDT

'Nihilist' House GOP Doomed US to Recession

American leadership is 'scarcer than credit,' writes Brooks

(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project...

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

(Newser) - With yesterday’s failure of the $700 billion bailout, the Fed and Treasury are reconsidering their options, the New York Times reports. Fearful of cutting interest rates, they're back to rescuing struggling institutions on a case by case basis, and printing money—offering $150 billion in emergency loans to banks...

Papers Frothing Over 'No' Vote

 Papers Frothing Over 'No' Vote 
OPINION
Sep 30, 2008 10:33 AM CDT

Papers Frothing Over 'No' Vote

Editorials mostly disparage Congress, Administration

(Newser) - As Monday’s “no” vote resounded down Wall Street, editorial writers across the country fired up their typewriters. Here’s what the country’s top papers are saying: 
  • Congress earned its 10% approval rating yesterday, the Wall Street Journal says, particularly Nancy Pelosi —“Tom Delay without
...

Hedge Funds in Hot Seat After Market Plunge

Plunging stock prices, redemptions coincide to deal industry a one-two punch

(Newser) - At a time when markets need their money more than ever, the $2-trillion hedge fund industry could fall victim to bad timing, as yesterday's plunge coincides with today’s deadline for many investors to withdraw before year’s end, the Wall Street Journal reports. Funds may be forced to sell...

Voters Tanked the Bailout
 Voters Tanked the Bailout 
Sep 30, 2008 9:04 AM CDT

Voters Tanked the Bailout

Vulnerable members scurry away from unpopular plan

(Newser) - The bailout plan was defeated by a 1-2 punch from angry voters and special interest groups on both ends of the political spectrum, reports the Wall Street Journal. House members were overwhelmed into voting “no” by a flood of liberals crying elitism and conservatives shouting about the sanctity of...

Boehner Speaks Softly, Forgets the Stick

Minority leader is unable to deliver GOP votes on bailout

(Newser) - House Republican leader John Boehner was one of the biggest losers in yesterday's rout of the Wall Street bailout bill; his inability to deliver his party’s votes reveals the weakness of his position in the caucus, reports Politico. Boehner was unable to switch votes by leaning on wavering members,...

New Rescue Hopes Lift Stocks
 New Rescue 
 Hopes Lift 
 Stocks 
MARKETS
Sep 30, 2008 8:44 AM CDT

New Rescue Hopes Lift Stocks

Bargain hunters out en masse

(Newser) - Stocks rose at the open today, as traders bet on a new rescue plan and picked over the wreckage of yesterday’s record-setting drop. The Dow rose almost 218 points, while the Nasdaq and S&P were up 2.5% and 2.6% respectively. “After the absolute carnage we...

Obama Wants to Hike Deposit Insurance

Calls for revived bailout to include increase to $250K from $100K

(Newser) - Barack Obama today proposed to revive the $700 billion bailout lying bloodied on the House floor with a provision increasing federal insurance to $250,000 from the current $100,000, Politico reports. The presidential hopeful called it “a step that would boost small businesses, make our banking system more...

Bailout Vote Shows Bush's Power Waning
 Bailout Vote Shows 
 Bush's Power Waning 
analysis
Sep 30, 2008 6:56 AM CDT

Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

(Newser) - The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely on alarmist rhetoric—repeated dire...

European, Asian Markets Edge Up After Dive

US economic illness goes viral

(Newser) - Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down...

How to Protect Your Money
 How to Protect Your Money 
Sep 30, 2008 2:56 AM CDT

How to Protect Your Money

Insured accounts best bet as Wall Street tumbles

(Newser) - After the biggest single-day's loss in Wall Street's history, even Americans whose sole investment is a bank account are nervously scratching their heads. Here are some guidelines to the failed-bailout crisis from the New York Times:
  • What happens next? The market's deep dive may scare Congress into passing the bailout
...

Countdown to Failure: How Bill Unraveled

Stunned silence grips House after last vote

(Newser) - As members of the House of Representatives cast their ballots on the $700 billion bailout package yesterday morning—the negative votes piling up even as the market plummeted—the Los Angeles Times was blogging. Kicked off by Majority Leader Steny Hoyer's final words to the House—"The alternative is...

Mac Blames Bailout on Obama, Who Returns Fire

(Newser) - John McCain blamed Barack Obama and the Democrats for injecting partisan rancor into a House vote that killed the $700 bailout plan today, Reuters reports. They "infused unnecessary partisanship into the process," McCain said in Iowa. A McCain advisor went further, saying Obama had "failed to lead,...

5 Reasons Pols Dissed the Bailout
 5 Reasons Pols
 Dissed the Bailout 
ANALYSIS
Sep 29, 2008 6:08 PM CDT

5 Reasons Pols Dissed the Bailout

A bad sell, partisan wrangling, and an urge to be reelected led to bill's downfall: Pershing

(Newser) - House members were only given a chance to salvage the world economy—why do it? There are several reasons why 95 Democrats and 133 Republicans turned down Henry Paulson's $700 billion bailout plan, Ben Pershing writes in the Washington Post. The simplest? “A lot of members just didn't like...

Where US Consumers Can Turn Now
Where US Consumers
Can Turn Now 
Sep 29, 2008 5:39 PM CDT

Where US Consumers Can Turn Now

(Newser) - The failure of the bailout bill to clear the House has American consumers checking their retirement accounts, their wallets, and even their mattresses as they grapple with the implications of the worsening financial situation. With falling oil prices seemingly the only silver lining for the average consumer, MSNBC offers some...

Dow Falls 777 On House Vote
 Dow Falls 777 On House Vote 
MARKETS
Sep 29, 2008 3:42 PM CDT

Dow Falls 777 On House Vote

Biggest single-day drop in index's history

(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a...

Shocked Legislators Weigh Next Move
 Shocked Legislators 
 Weigh Next Move 
UPDATED
Sep 29, 2008 3:12 PM CDT

Shocked Legislators Weigh Next Move

Discontent on both sides moved House to kill bailout

(Newser) - The efforts of Nancy Pelosi and John Boehner were not enough to quell a revolt within their parties that killed the financial bailout bill today. The bipartisan opposition to the bill reflected in the 228-205 vote—95 Democrats and 133 Republicans dissented—reflects liberal representatives’ unease with rescuing highly paid...

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