bailout

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Cheney Fails to Rally Troops Around Bailout

GOP House meeting was 'a bloodbath', as doubters dominate

(Newser) - Dick Cheney held court on Capitol Hill yesterday, hoping to convince House Republicans to support the Treasury’s $700-billion bailout plan. But the VP's once-considerable clout in Congress has dissipated, Politico reports; Republicans emerged from the two-hour, closed-door meeting calling it “a bloodbath” and “an unmitigated disaster.”

Bailout Talks Get Stuck on Executive Pay

Senate wants to rein in excesses, but lobbyists push back

(Newser) - As Washington continues to wrangle over the terms of the Wall Street bailout, one major sticking point has been executive pay packages, with many in Congress looking to punish CEOs seeking taxpayer aid. While lobbyists are pushing back hard, some kind of restraint on compensation seems unavoidable, reports the New ...

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...

Dems Ditch Ban on Offshore Drilling

Current moratorium expires Oct. 1, GOP hails victory

(Newser) - Democrats are removing a ban on offshore drilling from the budget resolution to avoid a White House veto, Politico reports. The move aims "to take a budget standoff of the table so we can address the larger Bush financial crisis," said a spokesman for House Speaker Nancy Pelos....

Alabama Senator Leads GOP Charge Against Bailout

$700B bailout doesn't jibe with free-market principles, says Shelby

(Newser) - Republican Alabama Sen. Richard Shelby is proving to be one of the toughest opponents of the Treasury Department's proposed bailout of financial firms, the Wall Street Journal reports. The ranking member of the Senate Banking Committee is leading the charge against the plan by Republicans who view it as a...

Tough Sale: Paulson, Bernanke Can't Sway Critics

(Newser) - Henry Paulson and Ben Bernanke ran into a bipartisan buzzsaw of criticism and skepticism during a 5-hour pitch for their massive bailout plan on Capitol Hill today, the Washington Post reports. Afterward, Sen. Chris Dodd, the Democratic chair of the Senate's banking panel, flatly declared the plan "unacceptable."...

Street Watches Hill; Stocks Fall
 Street Watches Hill; Stocks Fall  
MARKETS
Sep 23, 2008 3:23 PM CDT

Street Watches Hill; Stocks Fall

Investors worry about Congress delaying bailout; home prices decline 0.6% in July

(Newser) - Stocks traded sharply lower at the end of today’s roller-coaster session as investors watched lawmakers balk at quickly enacting the financial bailout plan, the Wall Street Journal reports. The Dow fell 161.52 to close at 10,854.17. The Nasdaq lost 25.64, closing at 2,153.34,...

Without Bailout, Recession Likely: Bernanke

Markets in 'fragile condition,' Fed chair warns Congress

(Newser) - Ben Bernanke bluntly warned Congress today that they risk a recession if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry. "The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said,...

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...

Stocks Creep Up at Open
 Stocks Creep Up at Open 
MARKETS
Sep 23, 2008 9:14 AM CDT

Stocks Creep Up at Open

All eyes watching Congress for bailout approval

(Newser) - Stocks moved slightly upward at the opening bell today, as investors anxiously watched Washington for bailout signals, the Wall Street Journal reports. The Dow rose 75 points at the open, with the Nasdaq and S&P both up more than 0.8%. The positive open follows a big drop yesterday...

Paulson's 'Amazing Power Grab'
 Paulson's 
 'Amazing 
 Power Grab' 
OPINION
Sep 23, 2008 8:19 AM CDT

Paulson's 'Amazing Power Grab'

Financial equivalent of the Patriot Act steams through Congress

(Newser) - Henry Paulson's Troubled Asset Relief Program is the “most amazing power grab in the history of the American economy,” writes Andrew Ross Sorkin in the New York Times, “the financial equivalent of the Patriot Act.” The initial draft of the bill circulating yesterday is not only...

Wrangle Over $700B Bailout Heats Up
Wrangle Over $700B Bailout Heats Up
Sep 23, 2008 6:58 AM CDT

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in...

Time to Punish Someone for Economic Disaster
Time to Punish Someone
for Economic Disaster
ANALYSIS
Sep 23, 2008 2:25 AM CDT

Time to Punish Someone for Economic Disaster

Bailout package should penalize those who brought down system, say experts

(Newser) - Economists mostly agree that the financial situation is so dire that a bailout is needed, but many are skeptical about the one proposed. One of the biggest problems is the lack of punitive measures against the reckless, fat-salaried financial bosses who created the mess in the first place, experts tell...

Bailout, Oil Send Dow Down 372
 Bailout, Oil Send Dow Down 372 
MARKETS
Sep 22, 2008 3:26 PM CDT

Bailout, Oil Send Dow Down 372

Traders nervous about long-term effects

(Newser) - Stocks plummeted today as uncertainty over the cost and long-term impact of the Wall Street bailout plan spread and oil surged, MarketWatch reports. Treasuries and the dollar fell as traders worried the bailout’s cost could affect the government’s status as a borrower. The Dow closed down 372.75,...

Let's Not Rush Into a 'Financial War of Choice'
Let's Not Rush Into a 'Financial War of Choice'
OPINION
Sep 22, 2008 3:00 PM CDT

Let's Not Rush Into a 'Financial War of Choice'

Time to stop and consider Washington's insane plan

(Newser) - In an instant, the Treasury’s bailout plan has gone “from invisibility to inevitability,” but it’s a dangerous scheme marketed under false pretenses, writes Sebastian Mallaby in the Washington Post. Whatever the administration says, this isn’t like the 1989 savings-and-loan cleanup, which set up an entity...

Conservative Pundits Rail Against Bailout
Conservative Pundits Rail Against Bailout
OPINION
Sep 22, 2008 1:28 PM CDT

Conservative Pundits Rail Against Bailout

Even right wing doesn't like administration's rescue plan

(Newser) - The Bush administration’s $700 billion financial bailout plan seems destined to make it through Congress, but even conservative pundits are bashing the desperate move:
  • If a Democratic administration were proposing this plan, a Republican Congress would shoot it down, writes Newt Gingrich in the National Review. "Congress was
...

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...

Main Street Skeptics Slam Bailout Scheme

Many doubt their tax dollars should cover Wall Street's 'greed'

(Newser) - While Wall Street stands to gain in the federal bailout, many on Main Street are deeply skeptical, the Washington Post finds in a heavily foreclosed-upon Virginia community. “I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?” wonders...

Paulson's New Powers Put More Focus on Successor
Paulson's New Powers Put More Focus on Successor
ANALYSIS
Sep 22, 2008 9:53 AM CDT

Paulson's New Powers Put More Focus on Successor

Obama could keep Treasury chief; weak-on-economy McCain seen to have few options

(Newser) - Henry Paulson’s handling of Wall Street’s financial crisis has consolidated so much power for the Treasury secretary that Barack Obama is considering keeping him on board if he wins the November election, the New York Times reports—and it’s heightened speculation about who might succeed him in...

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