Posts Tagged “bailout”

Treasury Secretary Tim Geithner today announced a new plan that will allegedly help stabilize the financial markets, restore institutions’ balance sheets, and thus ease the credit crunch with all its attendant ripple effects. It’s an unwieldy construct with multiple parts, but ultimately a lot of it comes down to using taxpayer money to help purchase “toxic Continue reading →

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Boy, doesn’t that sound just too exciting for words? (Don’t drool all over your keyboard in anticipation.) See, here’s the thing. On the one hand, an old friend had made a comment in response to my recent post about the top news stories of last year, with a link to a piece from AlterNet calling Continue reading →

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So, Congress passed the bailout financial rescue bill on Friday. 58 House members changed sides, and it sailed through… although both support and opposition remained genuinely bipartisan. Nobody, including the supporters, seems very happy about it. Even in the Senate, where the deal was forged and the bill passed on Wednesday, everyone seemed to insist Continue reading →

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Another business day, another bank failure. (Excuse me: “stock-swap transaction.”) Yet Congress seems paralyzed, leaving the financial crisis unresolved. This morning John McCain was bragging (prematurely) about how he’d brought House Republicans on board to pass a bailout package. This afternoon, of course, the bill failed to pass… and McCain promptly pointed his finger at Continue reading →

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So, what did John McCain accomplish with his grand gesture, as he swept into Washington Thursday to “help” his colleagues in Congress work out a deal on how to approach the economic crisis? Well, he went to the high-profile meeting he’d insisted that Bush call, at which… …he sat silently for more than 40 minutes, Continue reading →

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As the credit crisis evolves, the administration seems to be having a problem keeping everyone on the reservation in terms of talking points, and it’s not exactly doing much to bolster Treasury Secretary Henry Paulson’s credibility as the Wise Head who will Save Us All. For instance, Forbes reports… …some of the most basic details, Continue reading →

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So the word is that Bush is planning a prime-time address to the nation tonight about the financial crisis. Better late than never in terms of talking to the public, I suppose, but I think it goes without saying that whatever he has to offer might just as well go without saying. His credibility these Continue reading →

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(Following on from my previous post about the economic crisis and what to do about it…) It’s a short bill Paulson and Bush have presented to Congress. Glenn Greenwald sums it up concisely and accurately: “(1) The Treasury Secretary is authorized to buy up to $700 billion of any mortgage-related assets (so he can just Continue reading →

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I’ve hesitated to posted about the mushrooming financial crisis and the proposed federal bailout until I felt that I could muster an informed opinion. I’m not an expert economist by any means, and this is a devilishly complicated situation that’s evolving from day to day. Still, after some diligent background reading, certain things are becoming Continue reading →

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