financial crisis

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Bush Will Address Public Tonight on Bailout
Bush Will Address Public Tonight on Bailout
UPDATED
Sep 24, 2008 12:14 PM CDT

Bush Will Address Public Tonight on Bailout

President aims to give lawmakers push on $700B plan, garner support

(Newser) - President Bush will address the nation tonight on the proposed $700 billion Wall Street bailout, CNN reports, in hopes a televised speech could sway reticent lawmakers into quick action. The 9pm EDT speech will come after a second day of Treasury chief Henry Paulson and Federal Reserve chair Ben Bernanke...

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...

Congress Wants More Taxpayer Guarantees

Amid dire warnings and political theater, sides inch closer to compromise

(Newser) - As opposition to the Bush administration’s economic bailout plan became more strident in both parties yesterday, officials began a major push to convince Congress a deal had to be approved quickly, the New York Times reports. The White House said the results of failing to reach an accord were...

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central...

Critics: Bernanke-Paulson Plan Isn't the Only Option

Opponents say there are other ways to save Wall Street from itself

(Newser) - The Bush administration’s $700-billion bailout isn’t the only option available to help Wall Street, and critics say alternatives that limit taxpayer liability have been too quickly abandoned for the sake of quick action, reports the Washington Post. "They presented this as a comprehensive, decisive solution, but it's...

Buffett's Goldman Buy Stabilizes Stocks
 Buffett's Goldman Buy 
 Stabilizes Stocks 
MARKETS
Sep 24, 2008 9:16 AM CDT

Buffett's Goldman Buy Stabilizes Stocks

Sage of Omaha backs Paulson

(Newser) - Stocks rose slightly at the open, reports the Wall Street Journal, buoyed by Warren Buffett’s $5 billion vote of confidence in Goldman Sachs. The Dow Jones rose 21 points, while the S&P rose 0.3%, and the Nasdaq 0.9%. Capitol Hill will again command Wall Street's attention...

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 ...

Freddie Mac Paid Monthly $15K to McCain Aide's Firm

Payments just ended this month

(Newser) - A firm owned by John McCain's campaign manager received $15,000 a month from Freddie Mac until the mortgage giant was taken over by the government this month, insiders tell the New York Times. McCain insisted just days ago that it's been years since aide Rick Davis had any contact...

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...

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...

FBI Begins Probe of AIG, Lehman, Fannie, Freddie

(Newser) - The FBI is investigating four major US financial institutions whose collapse helped trigger a $700-billion bailout plan by the Bush administration. The agency is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, insurer AIG and Lehman Brothers. The inquiries will focus on the companies and...

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."...

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...

Retirees Hit Hard by Markets
 Retirees Hit Hard by Markets 
Sep 23, 2008 10:43 AM CDT

Retirees Hit Hard by Markets

Their money is in riskier investments these days

(Newser) - Among those hardest hit by the financial crisis are retirees, and they have less chance to recover than their younger counterparts, the New York Times reports. As companies have abandoned fixed pensions for 410(k)s, retirees can lose large percentages of their wealth in a short period. And low-risk investments, like...

Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism

(Newser) - Ben Bernanke and Henry Paulson implored Congress to swiftly pass a $700 billion bailout bill today, as they testified before the Senate Banking Committee. But there was an air of skepticism in the room. Chairman Chris Dodd’s introduction was noticeably prickly, and ranking Republican Richard Shelby was outright hostile,...

NY Lehman Crew Gets $2.5B Bonus Pool

European workers, unsure of salaries, furious at payout

(Newser) - Some 10,000 New York Lehman Brothers employees will share bonus pay of $2.5 billion, sparking anger among the investment bank’s European workers and critics of unfair compensation in the imploding finance arena, the Independent reports. The money was arranged before Lehman declared bankruptcy. Lehman’s British staff,...

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...

Stocks Drop in Europe, Asia Amid Recession Fears

(Newser) - Stocks were down in Europe and Asia today amid fears of a global recession despite the massive government bailout being arranged in the US. Europe's Dow Jones Stoxx 600 Index dipped for a second day, falling 1.8% in early trading, Bloomberg reports. Barclays fell 3.6% and Australia's Macquarie...

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