Posts Tagged “financial crisis”

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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From Salon’s Andrew Leonard: There could be no better testament to the historic ineptitude and failure of the Bush administration than that two-thirds of the members of the president’s own party rejected his administration’s plan to deal with the worst financial crisis since the Great Depression. … One way to look at the “stabilization” of 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 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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And how did it get that way? To my surprise and amusement, out of the reams of commentary produced over the last year or two, one of the best summaries I’ve seen showed up attached to the Semiannual Report from the mutual fund company behind some funds I own. In a “Message from the President” Continue reading →

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