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American values are Jewish values and vice versa
2 months ago
Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Thursday, November 13, 2008
It's a Bird! It's a Plane!! It's Obaman!!! No, not yet......
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Wednesday, November 12, 2008
And Behind Curtain Number Three.........
Treasury Secretary Henry M. Paulson Jr. arrived for a news conference in Washington on Wednesday.
Paulson Remarks
Joint Fed-Treasury-FDIC Statement on Lending and Bank Bractices
Mr. Paulson said the administration would continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending. In addition, he said the Treasury’s capital infusions through the Troubled Asset Relief Program, known as TARP, might also be aimed at other kinds of financial institutions.
http://www.nytimes.com/?emc=na
http://www.nytimes.com/2008/11/13/business/economy/13bailout.html?_r=1&hp&oref=slogin
Paulson's Entire Address
http://www.treas.gov/press/releases/hp1265.htm
Paulson Remarks
Joint Fed-Treasury-FDIC Statement on Lending and Bank Bractices
Mr. Paulson said the administration would continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending. In addition, he said the Treasury’s capital infusions through the Troubled Asset Relief Program, known as TARP, might also be aimed at other kinds of financial institutions.
http://www.nytimes.com/?emc=na
http://www.nytimes.com/2008/11/13/business/economy/13bailout.html?_r=1&hp&oref=slogin
Paulson's Entire Address
http://www.treas.gov/press/releases/hp1265.htm
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Wednesday, October 15, 2008
Obama can't even unite 218 Democrats, much less America
Barack Obama owns the defeat of the Wall Street bail-out bill today, more so than Speaker Pelosi, President Bush or anyone else.
Obama has held himself out for over a year as The One we have been waiting for to change old politics and unify us. When the crisis broke out over ten days ago, he scoffed at McCain's flight to D.C. to return to his Day job amidst the crisis.
The previously thought omnipresent one advised that if he was needed, he could be reached by telephone. How very 19th Century of him.
The previously thought omnipresent one advised that if he was needed, he could be reached by telephone. How very 19th Century of him.
The Treasury Secretary of the United States called The One.
Obama came to Washington since Washington wouldn't come to him.
Pelosi and Reid designated Obama as the sole, lone, sufficient, omniscient spokesman, er ah, I mean spokesperson, for ALL DEMOCRATS in the huge pow wow in the cabinet Room at the White (man's? see Rev. Wright) House with the President, Vice President and even Barney Frank, to try and bring all parties Democrat (House and Senate) and Republicans (Senate and even House and whatever Bush-Paulson have become).
Pelosi and Reid did not speak in the meeting.
Obama, alone, spoke for the Party of the JackAss.
But un-miraculously, no worlds came into being; no firmaments firmented; no seas were parted; no oceans lowered; and no republicans licked his boots (save for Paulson - is he a Repub anyway?).
But being a Messiah, his words were not without effect.
Hours later 95 of his own, i.e. Democrats, now known as Judas Iscariots, abandoned him and joined the Pelosi designated unpatriotic Republicans.
And to think, we waited over 232 years for this. We don't yet own him, thank God, and I doubt we ever will because...
And to think, we waited over 232 years for this. We don't yet own him, thank God, and I doubt we ever will because...
Barack Hussein Obama owns:
A Felon Rezko's house bought with Saddam's money
A 20-year pew parked butt at Reverend Jeremiah Wright's Hate Whitey
America Church
A fallen soldier's name bracelet that he won't shut up about despite the cries of the mother and father; and the defeat of this socialism bill due to his failure to unite even his own party while yelling Great Depression-like consequences.
And we are supposed to fear this cat why?
You say Gallup? that same organization that elected Presidents Mondale, Dukakis, and Kerry in all months but November?
Phooey!
Could it be that Obama is not the Messiah? Could it be that he plays another biblical role more like the One that tempted the real One with the whole world and that McCain's meekness somehow saved the day? Saved America from a socialism huge big step?
I think so.
But Obama does say "middle class" at lot, if that floats your boat...
Monday, October 13, 2008
US STOCKS-Wall St soars on bank rescue, Morgan deal
NEW YORK, Oct 13 (Reuters) - U.S. stocks extended sharp advances on Monday afternoon, following their worst week ever, as global efforts to recapitalize banks sparked a rally in financial shares, while credit markets showed some signs of loosening up.
The Dow Jones industrial average .DJI soared 654.79 points, or 7.75 percent, to 9,105.98. The Standard & Poor's 500 Index .SPX climbed 73.02 points, or 8.12 percent, to 972.24. The Nasdaq Composite Index .IXIC was up 135.91 points, or 8.24 percent, at 1,785.42. (Reporting by Leah Schnurr; Editing by Jan Paschal.
http://www.reuters.com/article/usMktRpt/idUSN1347492620081013?sp=true
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The Dow Jones industrial average .DJI soared 654.79 points, or 7.75 percent, to 9,105.98. The Standard & Poor's 500 Index .SPX climbed 73.02 points, or 8.12 percent, to 972.24. The Nasdaq Composite Index .IXIC was up 135.91 points, or 8.24 percent, at 1,785.42. (Reporting by Leah Schnurr; Editing by Jan Paschal.
http://www.reuters.com/article/usMktRpt/idUSN1347492620081013?sp=true
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Monday, October 6, 2008
FINANCIAL CRISIS CAUSED BY DEMOCRATS!!!!!
The present economic crisis was caused by the Democrats. And now the one man who tried to stop it is being penalized in his candidacy for president.
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Wednesday, October 1, 2008
US Senate Passes Bail-Out Plan!!!
Update The US Senate has passed a revised $US700 billion ($890 billion) financial bail-out bill, bringing the rescue plan one step closer to final passage.
The vote is likely to send a positive signal to global markets that there may be some systemic relief to the crisis that has ensnarled global banking, threatening the world's economy.
The benchmark S&P/ASX-200 share index was about 0.5% higher for the day at 4815, just prior to the vote being taken. The index edged lower after the vote, while the Australian dollar was little changed, trading recently at 79.17 US cents.
Any final passage of the US plan, though, will have to be agreed on by the US House of Representatives, which shocked the world days ago by rejecting an earlier version of the bail-out proposal. A House vote may come as early as Friday, US time.
President George Bush, along with Treasury Secretary Hank Paulson and Fed Reserve chairman Ben Bernanke, is anxious for the bail-out to be passed, to avert further corporate failures and stop the losses in global financial markets.
The plan for the US Treasury to buy up billions of dollars in bad debts has run into a popular revolt by US voters who pressured the Congress to vote the bill down just weeks before the presidential and congressional elections.
The bill passed easily through the Senate after it was strongly backed by the leadership of both the Republican and Democratic parties. The vote was 74 to 25 against.
This morning's Senate vote comes after the global banking system has been plunged into crisis with a string of corporate failures claiming Bear Sterns, Lehman Brothers, American Insurance Group, Wachovia, and Washington Mutual in the US.
Momentum
The Senate vote is likely to add momentum to the push to pass the plan into law before the weekend.
The package had been enhanced with several sweeteners including extending tax cuts for business and for the renewable energy industry and an increase in the insurance limits on bank deposits from $US100,000 to $US250,000.
Senate Republican leader, Mitch McConnell said he was hopeful the Senate vote would prompt the House to follow suit.
"I think a good vote coming out of the Senate will certainly be helpful over in the House side," he said.
But it is still uncertain whether the bill has the numbers in the House of Representatives. It is now not expected to vote until Friday US time, (Saturday Australian time) a sign that the leaders are still struggling to persuade 12 lawmakers to change their minds. On Monday, the House stunned the markets by rejecting the package 228-205.
Unlike the Senate, where only one third of the 100 senators are facing re-election, the entire House must face the electorate in November.
"We need 100 Republican votes to pass this," House Majority Leader Steny Hoyer told reporters at a Wednesday afternoon briefing.
House leaders "are bringing in the small business lobby and the banking lobby to buy the 12 Republican votes they need," said Bob Borosage, the co-director of the progressive group Campaign for America's Future.
Those senators who supported the bail-out -- both Republican and Democrat -- repeatedly spoke of their distaste for the plan but they also warned of dire consequences if the bill is not passed: massive job losses, a complete freezing of the credit market and a deep and prolonged recession.
Several said the pro-bailout forces had done a bad job in explaining the program to the public, and that far from spending $US700 billion , it was possible that taxpayers would get some or all of their money back.
Both presidential candidates, Barack Obama and John McCain returned to Washington to speak in favour of the plan.
But not everyone supported it. Senator Bernie Sanders, an independent from Vermont, stood next to a huge picture of Treasury Secretary, Henry Paulson.
Senator Sanders and told how he had received 48,000 signatures on his web site petition and he is from a small state.
"People are saying: 'We had nothing to do with causing this bailout. Go to those people who caused it and ask them to pay for it,'" he said.
Republican Senator Jeff Sessions, a conservative from Alabama also baulked at voting for it.
"It's extraordinary that we are being asked to authorise one person, himself a mavern of Wall Street to do this. This is the biggest authorisation in the history of our Republic, and I am not going to vote for the thing!" he said.
czappone@fairfax.com.au
BusinessDay with Anne Davies, Washington
Tuesday, September 30, 2008
Burning Down The House: What Caused Our Economic Crisis?
Since you and your kids and their kids and their kids are going to be paying off the biggest bailout in history, you owe to yourself to watch this video:
Mike Conaway Explains his Nay Vote
Mike Conaway Congressman from the 11th District Texas explains why he voted against the Emergency Economic Stabilization Act of 2008:
Obama Seen as Out of Touch on Bailout Vote
September 30, 2008
(CNN) — John McCain's campaign is seizing on the prepared text of Barack Obama's speech Monday in Denver, saying it shows the Illinois senator has been "out of touch" with the unfolding financial crisis and congress' economic bailout plan. (Read the prepared text [PDF])
In the text distributed by the Obama campaign Tuesday morning, Obama was to say, "And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan."
But moments before Obama was set to take the stage in Denver, the House officially rejected the bailout plan, prompting a delay in the Illinois senator's rally and a change in his comments on the bill:
"I am confident we are going to get there but it's going to be sort of rocky. It's sort of like flying into Denver. You know you're going to land but it's not always fun going over those mountains," he said.
McCain spokesman Tucker Bounds suggested the fact the Obama thought the measure would pass was a sign the Illinois senator was not closely involved in helping coral support for the bailout plan.
"When Barack Obama released remarks today that praised the passage of America's economic rescue plan, just before his allies in Congress voted to kill it, it revealed just how out of touch Barack Obama has been during this crisis," Bounds said, adding Obama has "shown failed leadership we can't afford."
In his own rally Monday morning before the House officially rejected the bailout plan, McCain did not suggest the bill would pass but touted his role pushing members of his party to vote for it.
"I've never been afraid of stepping in to solve problems for the American people, and I'm not going to stop now," he said. "Sen. Obama took a very different approach to the crisis our country faced. At first he didn't want to get involved. Then he was monitoring the situation."
The McCain campaign also suggested Thursday Obama deserved much of the blame for the bill's failure, saying the Democratic presidential nominee "put politics ahead of country."
Monday, September 29, 2008
Republicans point finger of blame at House Speaker Nancy Pelosi for 'partisan' speech'
30 September 2008
By BRIAN FERGUSON
EVEN before the doomed vote on the $700 billion bail-out plan began in the House of Representatives yesterday, stocks were plummeting as tension mounted.
In Congress, members shouted news of the plunging Dow Jones average as others crowded on the floor during the 40-minute call of the roll, as leaders on both sides struggled to persuade rank-and-file members to support the deal. Within minutes of the ADVERTISEMENTresult, the recriminations had begun.
House Republicans blamed a "partisan" speech by the Speaker, Nancy Pelosi, a Democrat, during the debate. She had blamed George Bush's "reckless economic policies", "fiscal irresponsibility" and an "anything goes economic policy" for the crisis.
After the vote, John Boehner, the Republican minority leader, said: "I do believe we could have got there today, had it not been for this partisan speech the Speaker gave. The Speaker had to give a partisan voice that poisoned our conference."
Later, the Republican presidential nominee, John McCain, said: "I was hopeful the improved rescue plan would have had the votes needed to pass, because addressing the credit crisis is of vital importance to families, small businesses, every working American.
"Now it's time for all members of Congress to go back to the drawing board. I call on Congress to get back, obviously, immediately to address this crisis.
"Our leaders are expected to leave partisanship at the door and come to the table to solve our problems."
Mr McCain also criticised his Democratic presidential rival, Barack Obama, and "his allies in Congress" for their "unnecessary partisanship".
However, Mr Obama himself took a bullish stance when he urged Democrats and Republicans to "step up to the plate, get (a deal] done".
He added: "Understand that, even as you get it done to stabilise the markets, we have more work to do to make sure that main street is getting the same kind of help Wall Street's getting."
And Henry Paulson, the US Treasury secretary, added: "We need to put something back together that works. We need it as soon as possible."
http://news.scotsman.com/latestnews/Republicans-point-finger-of-blame.4540098.jp
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By BRIAN FERGUSON
EVEN before the doomed vote on the $700 billion bail-out plan began in the House of Representatives yesterday, stocks were plummeting as tension mounted.
In Congress, members shouted news of the plunging Dow Jones average as others crowded on the floor during the 40-minute call of the roll, as leaders on both sides struggled to persuade rank-and-file members to support the deal. Within minutes of the ADVERTISEMENTresult, the recriminations had begun.
House Republicans blamed a "partisan" speech by the Speaker, Nancy Pelosi, a Democrat, during the debate. She had blamed George Bush's "reckless economic policies", "fiscal irresponsibility" and an "anything goes economic policy" for the crisis.
After the vote, John Boehner, the Republican minority leader, said: "I do believe we could have got there today, had it not been for this partisan speech the Speaker gave. The Speaker had to give a partisan voice that poisoned our conference."
Later, the Republican presidential nominee, John McCain, said: "I was hopeful the improved rescue plan would have had the votes needed to pass, because addressing the credit crisis is of vital importance to families, small businesses, every working American.
"Now it's time for all members of Congress to go back to the drawing board. I call on Congress to get back, obviously, immediately to address this crisis.
"Our leaders are expected to leave partisanship at the door and come to the table to solve our problems."
Mr McCain also criticised his Democratic presidential rival, Barack Obama, and "his allies in Congress" for their "unnecessary partisanship".
However, Mr Obama himself took a bullish stance when he urged Democrats and Republicans to "step up to the plate, get (a deal] done".
He added: "Understand that, even as you get it done to stabilise the markets, we have more work to do to make sure that main street is getting the same kind of help Wall Street's getting."
And Henry Paulson, the US Treasury secretary, added: "We need to put something back together that works. We need it as soon as possible."
http://news.scotsman.com/latestnews/Republicans-point-finger-of-blame.4540098.jp
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McCain Blames Partisanship, Pelosi; Aide Calls Pelosi "Reckless"
29 Sep 2008 04:00 pm
A statement from Doug Holtz-Eakin has Sen. John McCain casting his lot with House Republicans who blame Democratic add-ons and Speaker Pelosi's pre-vote speech:
"Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
"Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
"This bill failed because Barack Obama and the Democrats put politics ahead of country."
And a senior McCain adviser said that Pelosi's speech "was one of the most reckless acts I've seen from a congressional leader in twenty years on the Hill."
A theory making the rounds of some Republicans is that Pelosi purposely sabotaged the bill to be able to blame House Republicans. Imagine, this theory goes, President Bush's making a partisan speech right before the Patriot Act vote.
"Desperate, petty," a Pelosi aide responded. "She is trying to do the right thing here to pass a bill that a lot of our people hated." A Democratic aide added: "The Republicans were worried about votes but they thought that momentum would carry it and both sides would keep working -- was the way they left it. No Republican asked to pull it. And 140 votes was more than what Pelosi promised Boehner."
On the other hand, maybe House Republicans were looking for an excuse?
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A statement from Doug Holtz-Eakin has Sen. John McCain casting his lot with House Republicans who blame Democratic add-ons and Speaker Pelosi's pre-vote speech:
"Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
"Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
"This bill failed because Barack Obama and the Democrats put politics ahead of country."
And a senior McCain adviser said that Pelosi's speech "was one of the most reckless acts I've seen from a congressional leader in twenty years on the Hill."
A theory making the rounds of some Republicans is that Pelosi purposely sabotaged the bill to be able to blame House Republicans. Imagine, this theory goes, President Bush's making a partisan speech right before the Patriot Act vote.
"Desperate, petty," a Pelosi aide responded. "She is trying to do the right thing here to pass a bill that a lot of our people hated." A Democratic aide added: "The Republicans were worried about votes but they thought that momentum would carry it and both sides would keep working -- was the way they left it. No Republican asked to pull it. And 140 votes was more than what Pelosi promised Boehner."
On the other hand, maybe House Republicans were looking for an excuse?
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Democrats caused crisis
At the root of this mess is not the failure of capitalism but political interference in the market. It was Democrats who pushed for and passed the Community Reinvestment Act of 1977 that forced banks to serve their "whole communities" and required them to offer loans to people who were not credit worthy. In 1995, the Clinton administration's Department of Housing and Urban Development, headed by Andrew Cuomo, implemented new regulations requiring banks to meet numerical quotas in lending and demonstrate the diversity of their borrowers. While housing prices were rising, the bad loans were hidden. But as soon as prices began to fall and adjustable ARMs kicked in, the defaults began. It was Democrats who closed ranks to insulate their pet projects -- Fannie Mae and Freddie Mac -- from proper oversight and regulation.
http://www.kentucky.com/589/story/538809.html
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Great Video and Links
Monday, September 29, 2008
Pelosi Kills Bailout with Jawbone of an Ass
Well, it was all set, even the GOP members said it was a done deal and they had enough vote to pass the 700 Billion dollar boondoggle known as the economic rescue plan. But a funny thing happened on the way to the most massive bailout in US history, Nancy Pelosi just couldn't keep her mouth shut. Her botox addled mind just could not resist the urge to commit moonbattery on the house floor, and in the process torpedoed the whole shabang. Nice going Nancy.
http://americanarmed.blogspot.com/2008/09/peslosi-snatches-defeat-from-jaws-of.html
Will Pelosi’s second attempt at a bailout include ACORN? Update: Dow loses 777 points, more than on 9/11; Update: $1.1 trillion in market value lost
Sep 29, 2008 4:18 PM by Allahpundit
Super.
Video: House GOP blames Pelosi’s “partisan” speech for bailout failure
Sep 29, 2008 3:21 PM by Allahpundit
Unserious.
Breaking: Bailout bill fails, Dow roller-coasters; Update: Pelosi speech added
Pelosi Kills Bailout with Jawbone of an Ass
Well, it was all set, even the GOP members said it was a done deal and they had enough vote to pass the 700 Billion dollar boondoggle known as the economic rescue plan. But a funny thing happened on the way to the most massive bailout in US history, Nancy Pelosi just couldn't keep her mouth shut. Her botox addled mind just could not resist the urge to commit moonbattery on the house floor, and in the process torpedoed the whole shabang. Nice going Nancy.
http://americanarmed.blogspot.com/2008/09/peslosi-snatches-defeat-from-jaws-of.html
Will Pelosi’s second attempt at a bailout include ACORN? Update: Dow loses 777 points, more than on 9/11; Update: $1.1 trillion in market value lost
Sep 29, 2008 4:18 PM by Allahpundit
Super.
Video: House GOP blames Pelosi’s “partisan” speech for bailout failure
Sep 29, 2008 3:21 PM by Allahpundit
Unserious.
Breaking: Bailout bill fails, Dow roller-coasters; Update: Pelosi speech added
ACORN Too MUCH to SWALLOW
September 27th, 2008
Save us, Nancy. Save us.
And how about a little ACORN with that credit crisis face-lift …
WASHINGTON - U.S. House Speaker Nancy Pelosi said on Friday that negotiations over a proposed $700 billion Wall Street bailout plan is back on track and lawmakers would work through the weekend to pass a plan.
Pelosi, a California Democrat, and Massachusetts Democrat Rep. Barney Frank, chairman of the House Financial Services Committee, said negotiators made progress all week on the legislation they hope will end a credit freeze and avert a deep downturn in the U.S. economy.
Talks faltered on Thursday after conservative House Republicans unveiled an alternative to a taxpayer-funded bailout. Frank said congressional negotiators are still focusing on altering the plan proposed by Treasury Secretary Henry Paulson. Pelosi ruled out a cut in capital gains tax that was included in the House plan.
(Reuters)
From - House Republican Leader John Boehner:
Dems Want to Reward Scandal-Tarnished “Community Organizing” Group in Economic Rescue BillHouse GOP Fights to Remove ACORN Slush Fund from Economic Rescue Bill; Poison-Pill Proposal Would Ask Taxpayers to Bankroll Group Accused of Voter Fraud Nationwide
Washington, Sep 27 - House Republicans have made clear that they will fight for an economic rescue package that protects the interests of families, seniors, small businesses, and all taxpayers. And as discussions continue in order to forge an agreement that reflects these principles, the American people are taking note of a left-wing giveaway Democrats are pushing to force taxpayers to bankroll a slush fund for a discredited ally of the Democratic Party. At issue is the Association of Community Organizations for Reform Now – better known as ACORN – an organization fraught with controversy for, among other scandals, its fraudulent voter registration activities on behalf of Democratic candidates. Here are just some examples of ACORN’s most recent scandals and unlawful activities:
- “ACORN is a long-time advocacy group with whom Obama was once associated. Recently, though, ACORN workers in two states have pleaded guilty to election fraud, an unlikely recipient of federal largess.” (Fox News Report, 9/26/08)
- “Seven ACORN workers were charged with ‘committing the biggest voter-registration fraud in [Washington] state history.’’ (The Seattle Times, 7/26/07)
- ACORN workers submitted “just over 1,800 new voter registration forms, but there was a problem. The names were made up – all but six of the 1,800 submissions were fakes… The ACORN workers told state investigators that they went to the Seattle public library, sat at a table and filled out the voter registration forms. They made up names, addresses, and Social Security numbers and in some cases plucked names from the phone book. One worker said it was a lot of hard work making up all those names and another said he would sit at home, smoke marijuana and fill out the forms.” (Fox News Channel, 5/02/08)
- “Late last year, a handful of Acorn canvassers in Washington state admitted that they had falsified voter registrations by illegally filling out hundreds of forms with names such as Dennis Hastert, Leon Spinks and Fruito Boy Crispila.” (Wall Street Journal, 7/31/08)
- “Eight workers for a get-out-the-vote effort in St. Louis city and county have pleaded guilty to federal election fraud for submitting false registration cards for the 2006 election, authorities said today. The workers were employed by the Association of Community Organizations for Reform Now (ACORN), gathering voter registrations.” (Associated Press, 4/02/08)
- “Acorn has had a number of missteps. This month its founder, Wade Rathke, resigned after news emerged that his brother Dale had embezzled nearly $1 million from Acorn and affiliated groups eight years ago — information the group kept from law-enforcement authorities and most members. Dale Rathke left the organization only last month.” (Wall Street Journal, 7/31/08)
So how exactly will ACORN be rewarded if the Democrats get their way? Very simple: behind closed doors, ACORN-friendly language was slipped into the Democratic economic rescue proposal by Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Committee Chairman Barney Frank (D-MA). Take a look:
BREAKING NEWS: BAILOUT REJECTED!!!!
BAILOUT REJECTED
House Votes ‘No,’ 228-205; Stocks Plunge
House Rejects Bailout Package, 228-205; Stocks Plunge
Leaders Fail to Convert Opponents
By CARL HULSE and DAVID M. HERSZENHORN 20 minutes ago
In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.
Roll Call Post a Comment Read (438)
Dow Falls More Than 400 Points
By MICHAEL M. GRYNBAUM 34 minutes ago
The drop reinforced the fear coursing through Wall Street as investors wondered whether the bailout plan would eventually pass Congress.
Lehman to Sell Neuberger Unit for $2.15 Billion 12:31 PM ET
Ruth Fremson/The New York Times
Citigroup Buys Bank Operations of Wachovia
By ERIC DASH and ANDREW ROSS SORKIN 12:13 PM ET
The sale would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup.
Times Topics: Citigroup Wachovia
Oil Falls Sharply on Renewed Economic Fears
By JAD MOUAWAD 14 minutes ago
Crude oil futures fell $9.13 to $97.76 a barrel. They have lost more than $20 since last Monday.
House Votes ‘No,’ 228-205; Stocks Plunge
House Rejects Bailout Package, 228-205; Stocks Plunge
Leaders Fail to Convert Opponents
By CARL HULSE and DAVID M. HERSZENHORN 20 minutes ago
In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.
Roll Call Post a Comment Read (438)
Dow Falls More Than 400 Points
By MICHAEL M. GRYNBAUM 34 minutes ago
The drop reinforced the fear coursing through Wall Street as investors wondered whether the bailout plan would eventually pass Congress.
Lehman to Sell Neuberger Unit for $2.15 Billion 12:31 PM ET
Ruth Fremson/The New York Times
Citigroup Buys Bank Operations of WachoviaBy ERIC DASH and ANDREW ROSS SORKIN 12:13 PM ET
The sale would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup.
Times Topics: Citigroup Wachovia
Oil Falls Sharply on Renewed Economic Fears
By JAD MOUAWAD 14 minutes ago
Crude oil futures fell $9.13 to $97.76 a barrel. They have lost more than $20 since last Monday.
Sunday, September 28, 2008
Pelosi: It's not a bailout, it's a buy-in
Your Congress and your president (I don't want 'em, you can have 'em) have again agreed on a $700-billion bailout, and this time they say they really mean it. Headlines and links first, and then as always I'd like to hear your thoughts. The Los Angeles Times: "Congressional and administration officials unveiled their $700-billion rescue plan for Wall Street today, setting up the largest government intervention in the economy since the Great Depression."
House Speaker Nancy Pelosi, evidently with a straight face: "This is not about a bailout of Wall Street. It's a buy-in so we can turn our economy around" and protect the assets of ordinary Americans. Well, now I feel so much better about it. I'm buying in! I'm getting a piece of financial products that are so worthless that there's no market for them.The New York Times: "
Congress braced for a difficult vote on a $700 billion rescue of the financial markets after a weekend of tense negotiations produced a plan that Congressional leaders began selling to lawmakers on Sunday as significantly strengthened by new taxpayer safeguards.
"The 106-page bill, intended to ease a growing credit crisis, came after a frenzied week of political twists and turns and still faced some resistance from lawmakers on both the left and right who portrayed it as a dangerous rush to economic judgment.
Bold Bipartisan Leadership for Change department: The New York Times reports, "The two presidential candidates ... both gave guarded endorsements of the bailout plan Sunday."
-- Peter Viles
Main Street Backlash
I don't know about you, but I feel like Wall Street had a big party and I wasn't even invited, but I will be getting the bills for years to come. JC
Main Street turns against Wall Street
Main Street turns against Wall Street
A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come.
By Nina Easton, Washington bureau chief
Last Updated: September 28, 2008: 11:03 AM ET
NEW YORK (Fortune) -- In one frenzied month Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke remade Wall Street. Along the way they may also have recast American politics. A month of historic government interventions shows signs of triggering a political version of climate change - unleashing a new era of class fury that could hurt U.S. companies, business leaders, and wealthy investors for years.
"A potential calamity," predicts Democratic pollster Doug Schoen. "If the reactions we're seeing hold, we could have real spasmodic anger directed at businesses and corporations." And the timing will have consequences, says financier and onetime GOP presidential candidate Mitt Romney: "Unfortunately, politicians have seized on the politics of envy," he told Fortune, "and they are stoking it this election year like I've never seen in my lifetime."
Compared to this, Enron was a warm-up exercise. For all the public outrage over accounting scandals seven years ago, the result in Washington was limited to a financial reporting rule that most Americans have never heard of (though many in the business community still consider Sarbanes-Oxley a destructive overreaction).
By contrast, the implosion of Wall Street, followed by Paulson's escalating series of multibillion-dollar rescues, has fired up populist sentiments that were already building in American politics, promising to reshape legislative battles over everything from tax and trade policies to federal regulation. Union leaders like the AFL-CIO's John Sweeney suddenly sound as if they're in the mainstream of public opinion with statements like this: "One thing is certain. No one - no politician, no investment banker, no television commentator, no economist - should be able to say again with a straight face that here in the United States we just let markets do whatever markets do and everything works out for the best."
Washington hath no fury like Middle America scorned - and there's reason to think it will only get uglier. The government's massive new financial commitments will severely tie the next President's hands in addressing middle-class concerns.
"The next President will have to temper expectations a lot," says Middlebury College economist David Colander, "far beyond what either of the candidates has been willing to talk about."
If that means Republican John McCain gives up on letting the upper middle class keep the Bush tax cuts, it also means that Democrats will have to stop promising ambitious spending programs. Barack Obama rightly says it would be "irresponsible" not to review his spending menu - which includes making health care universal - in light of this new fiscal reality. As for problems like Medicare and Social Security? They'll have to wait.
http://money.cnn.com/2008/09/26/news/economy/easton_backlash.fortune/index.htm?postversion=2008092810&eref=rss_topstories
Last Updated: September 28, 2008: 11:03 AM ET
NEW YORK (Fortune) -- In one frenzied month Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke remade Wall Street. Along the way they may also have recast American politics. A month of historic government interventions shows signs of triggering a political version of climate change - unleashing a new era of class fury that could hurt U.S. companies, business leaders, and wealthy investors for years.
"A potential calamity," predicts Democratic pollster Doug Schoen. "If the reactions we're seeing hold, we could have real spasmodic anger directed at businesses and corporations." And the timing will have consequences, says financier and onetime GOP presidential candidate Mitt Romney: "Unfortunately, politicians have seized on the politics of envy," he told Fortune, "and they are stoking it this election year like I've never seen in my lifetime."
Compared to this, Enron was a warm-up exercise. For all the public outrage over accounting scandals seven years ago, the result in Washington was limited to a financial reporting rule that most Americans have never heard of (though many in the business community still consider Sarbanes-Oxley a destructive overreaction).
By contrast, the implosion of Wall Street, followed by Paulson's escalating series of multibillion-dollar rescues, has fired up populist sentiments that were already building in American politics, promising to reshape legislative battles over everything from tax and trade policies to federal regulation. Union leaders like the AFL-CIO's John Sweeney suddenly sound as if they're in the mainstream of public opinion with statements like this: "One thing is certain. No one - no politician, no investment banker, no television commentator, no economist - should be able to say again with a straight face that here in the United States we just let markets do whatever markets do and everything works out for the best."
Washington hath no fury like Middle America scorned - and there's reason to think it will only get uglier. The government's massive new financial commitments will severely tie the next President's hands in addressing middle-class concerns.
"The next President will have to temper expectations a lot," says Middlebury College economist David Colander, "far beyond what either of the candidates has been willing to talk about."
If that means Republican John McCain gives up on letting the upper middle class keep the Bush tax cuts, it also means that Democrats will have to stop promising ambitious spending programs. Barack Obama rightly says it would be "irresponsible" not to review his spending menu - which includes making health care universal - in light of this new fiscal reality. As for problems like Medicare and Social Security? They'll have to wait.
http://money.cnn.com/2008/09/26/news/economy/easton_backlash.fortune/index.htm?postversion=2008092810&eref=rss_topstories
White House, Congress push for bailout deal -- Courant.com
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WASHINGTON — - Working past midnight, Congressional negotiators early today reported a tentative deal on a Wall Street bailout, in hopes of reaching an agreement before financial markets open Monday.
House Speaker Nancy Pelosi announced the accord just after midnight but released no details, saying it still had to be put on paper. Treasury Secretary Henry Paulson talked of finalizing the deal — which could cost as much as $700 billion — but added: 'I think we're there.'
The House could vote on it today and the Senate on Monday.
As bipartisan talks resumed at the Capitol — and under a greater sense of urgency — President Bush had stepped up his efforts to win the support of skeptics within his own party for the plan.
Paulson joined the talks between members of both parties from both chambers; House Minority Whip Roy Blunt of Missouri, whose Republican rank and file have been the plan's loudest critics, reported progress.
Sen. Judd Gregg of New Hampshire, the Senate Republicans' lead negotiator, said that the parties had moved 'down the road a long way toward reaching agreement.'
Some House Republicans had argued against setting an arbitrary deadline for action.
'By irresponsibly raising investors' expectations of an agreement, the failure of Congress to reach a deal by such a deadline could spark the very economic meltdown we are trying to stop,' said Rep. Thaddeus McCotter, R-Mich."
White House, Congress push for bailout deal -- Courant.com: "From the Los Angeles Times
FINANCE
White House, Congress push for bailout deal
By RICHARD SIMON Los Angeles Times
September 28, 2008
FINANCE
White House, Congress push for bailout deal
By RICHARD SIMON Los Angeles Times
September 28, 2008
WASHINGTON — - Working past midnight, Congressional negotiators early today reported a tentative deal on a Wall Street bailout, in hopes of reaching an agreement before financial markets open Monday.
House Speaker Nancy Pelosi announced the accord just after midnight but released no details, saying it still had to be put on paper. Treasury Secretary Henry Paulson talked of finalizing the deal — which could cost as much as $700 billion — but added: 'I think we're there.'
The House could vote on it today and the Senate on Monday.
As bipartisan talks resumed at the Capitol — and under a greater sense of urgency — President Bush had stepped up his efforts to win the support of skeptics within his own party for the plan.
Paulson joined the talks between members of both parties from both chambers; House Minority Whip Roy Blunt of Missouri, whose Republican rank and file have been the plan's loudest critics, reported progress.
Sen. Judd Gregg of New Hampshire, the Senate Republicans' lead negotiator, said that the parties had moved 'down the road a long way toward reaching agreement.'
Some House Republicans had argued against setting an arbitrary deadline for action.
'By irresponsibly raising investors' expectations of an agreement, the failure of Congress to reach a deal by such a deadline could spark the very economic meltdown we are trying to stop,' said Rep. Thaddeus McCotter, R-Mich."
Tenative Agreement on Bailout
Washington, D.C. - Key lawmakers in Congress have reached a tentative agreement on a bailout proposal that they expect to roll out to their colleagues for final approval Sunday morning. "We've made great progress toward a deal which will work and be effective in the marketplace," Treasury Secretary Henry Paulson, flanked by a bipartisan group of lawmakers, told reporters at 12:30 a.m. Sunday--after nine hours of negotiations that included numerous phone calls with the White House and the input of several top economic minds, including billionaire investor Warren Buffett.
"We've still got more to do to finalize it, but I think we're there," Paulson added. "So far, so good." The "agreement in principle," as Sen. Kent Conrad, D-N.D., described it, is a $700 billion plan that will allow the Treasury Department to buy troubled mortgage-backed securities from firms that are having difficulty selling these assets in the marketplace.
The bailout, to be financed by government bonds, includes provisions to limit executive compensation for the firms that are being bailed out, an equity stake in those firms for taxpayers, an oversight board to account for the bailout process, and a measure to help prevent mortgage foreclosures. The $700 billion will be doled out in tranches of $250 billion immediately, $100 billion upon the approval of the president and $350 billion upon the approval of Congress.
Lawmakers also said there is language in the plan to allow the government to recover some of the money it is spending to buy troubled assets, as well as a provision that allows firms to buy insurance for toxic securities--something House Republicans had requested.
Is it a formal deal? As close to one as lawmakers could hash out, following marathon negotiations. Congressional staff members are working through the night to put the agreement on paper so other members of Congress can examine it before giving it final approval Sunday.
A deal had appeared within grasp Thursday afternoon but fell apart that night when a group of House Republicans issued a rival plan. Under their proposal, companies would pay premiums to insure their frozen mortgage-backed securities, instead of having the Treasury use taxpayer dollars to buy them. In addition, the plan--the fine details of which are still vague at this point--would provide some companies with tax relief, remove unspecified banking regulations and allow them to temporarily suspend dividend payments to free up capital.
Asked after the meeting if the expanded mortgage insurance program needed to be in a compromise, House Minority Leader John Boehner, R-Ohio, said "Our goal here in attempting to come to an agreement is to do our best to protect the American taxpayer."
Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the respective chairmen of the House and Senate committees for banking, are continuing to support a modified version of the original $700 billion "Paulson Plan," as the administration's proposal has become known. Blunt participated in negotiations Friday and Saturday for House Republicans. Sen. Bob Corker, R-Tenn., said he's "very, very optimistic" that a deal will be worked out, and he's hopeful it will happen over the weekend.
Sen. Judd Gregg, R-N.H., says he believes distressed credit markets Friday morning may have shown lawmakers that there is not much time for discussion. "They're telling us we better do something," says Gregg, who will represent Senate Republicans in the negotiations.
The message that Paulson's plan is aimed at restoring liquidity is getting through to lawmakers. "We don't have a solvency problem, what we're trying to do is to restore liquidity," says Scott Talbott, senior vice president for government affairs at The Financial Services Roundtable, a banking-industry trade association that supports the basic idea of the Paulson Plan.
"I think the chances of it happening are excellent," Talbott says. "The goal is to try to get it done by Sunday, but it could easily slip a little into next week."
When President Bush said Friday morning that "the legislative process is sometimes not very pretty," it was the understatement of the year. And on the eve of the election, there's plenty of political gamesmanship, and even brinksmanship, on display.
Democrats want to stay as far away from being held responsible for the bailout as possible, and may not vote on the bill unless a majority of Republicans will also support. House Republicans can now say that at least they tried an alternative. It was likely that something akin to the Paulson plan--with a few add-ons to soothe reluctant Republicans and Democrats--would emerge over the weekend as the final bailout bill.
White House talks with lawmakers last night erupted into a "shouting match," according to one report. The top Republican on the Senate Banking Committee, Sen. Richard Shelby of Alabama, emerged from the discussions to tell reporters that there was no deal, contrary to what some members of Congress said earlier in the day.
"We've still got more to do to finalize it, but I think we're there," Paulson added. "So far, so good." The "agreement in principle," as Sen. Kent Conrad, D-N.D., described it, is a $700 billion plan that will allow the Treasury Department to buy troubled mortgage-backed securities from firms that are having difficulty selling these assets in the marketplace.
The bailout, to be financed by government bonds, includes provisions to limit executive compensation for the firms that are being bailed out, an equity stake in those firms for taxpayers, an oversight board to account for the bailout process, and a measure to help prevent mortgage foreclosures. The $700 billion will be doled out in tranches of $250 billion immediately, $100 billion upon the approval of the president and $350 billion upon the approval of Congress.
Lawmakers also said there is language in the plan to allow the government to recover some of the money it is spending to buy troubled assets, as well as a provision that allows firms to buy insurance for toxic securities--something House Republicans had requested.
Is it a formal deal? As close to one as lawmakers could hash out, following marathon negotiations. Congressional staff members are working through the night to put the agreement on paper so other members of Congress can examine it before giving it final approval Sunday.
A deal had appeared within grasp Thursday afternoon but fell apart that night when a group of House Republicans issued a rival plan. Under their proposal, companies would pay premiums to insure their frozen mortgage-backed securities, instead of having the Treasury use taxpayer dollars to buy them. In addition, the plan--the fine details of which are still vague at this point--would provide some companies with tax relief, remove unspecified banking regulations and allow them to temporarily suspend dividend payments to free up capital.
Asked after the meeting if the expanded mortgage insurance program needed to be in a compromise, House Minority Leader John Boehner, R-Ohio, said "Our goal here in attempting to come to an agreement is to do our best to protect the American taxpayer."
Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the respective chairmen of the House and Senate committees for banking, are continuing to support a modified version of the original $700 billion "Paulson Plan," as the administration's proposal has become known. Blunt participated in negotiations Friday and Saturday for House Republicans. Sen. Bob Corker, R-Tenn., said he's "very, very optimistic" that a deal will be worked out, and he's hopeful it will happen over the weekend.
Sen. Judd Gregg, R-N.H., says he believes distressed credit markets Friday morning may have shown lawmakers that there is not much time for discussion. "They're telling us we better do something," says Gregg, who will represent Senate Republicans in the negotiations.
The message that Paulson's plan is aimed at restoring liquidity is getting through to lawmakers. "We don't have a solvency problem, what we're trying to do is to restore liquidity," says Scott Talbott, senior vice president for government affairs at The Financial Services Roundtable, a banking-industry trade association that supports the basic idea of the Paulson Plan.
"I think the chances of it happening are excellent," Talbott says. "The goal is to try to get it done by Sunday, but it could easily slip a little into next week."
When President Bush said Friday morning that "the legislative process is sometimes not very pretty," it was the understatement of the year. And on the eve of the election, there's plenty of political gamesmanship, and even brinksmanship, on display.
Democrats want to stay as far away from being held responsible for the bailout as possible, and may not vote on the bill unless a majority of Republicans will also support. House Republicans can now say that at least they tried an alternative. It was likely that something akin to the Paulson plan--with a few add-ons to soothe reluctant Republicans and Democrats--would emerge over the weekend as the final bailout bill.
White House talks with lawmakers last night erupted into a "shouting match," according to one report. The top Republican on the Senate Banking Committee, Sen. Richard Shelby of Alabama, emerged from the discussions to tell reporters that there was no deal, contrary to what some members of Congress said earlier in the day.
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