bailout – News Stories About bailout - Page 30

McCain Casts Himself as Hero of Financial Crisis

OPINION

Sep 25, 2008 2:00 PM CDT

McCain Casts Himself as Hero of Financial Crisis

Republican can only win by changing subject from policy to himself

(Newser) - In parachuting into Washington to "rescue" the $700-billion bailout for Wall Street, John McCain demonstrated again that he wants to make the election about himself, not his politicies, writes Harold Meyerson in the Washington Post. With the beleaguered economy an area where Barack Obama is seen as stronger, McCain...

We Don't Really Need a Bailout

OPINION

Sep 25, 2008 1:22 PM CDT

We Don't Really Need a Bailout

With investment banks dead, the point of this is ... what, exactly?

(Newser) - Now that all the big investment firms are no more, why exactly do we need a bailout? Paulson’s plan involves buying assets that are illiquid, but not worthless. “But regular banks hold assets like that all the time,” writes James Galbraith in the Washington Post. “They’...

Lawmakers: We Have a Deal

UPDATED

Sep 25, 2008 12:57 PM CDT

Lawmakers: We Have a Deal

Dodd touts 'fundamental agreement' ahead of meeting with Bush

(Newser) - The bipartisan group of legislators working on either a Wall Street bailout or a rescue package has reached "a fundamental agreement on a set of principles," Senate Banking Committee Chris Dodd said today. Racing to make a deal before a scheduled 4pm meeting at the White House, the...

Washington Wants to Know Who Replaces Hank

ANALYSIS

Sep 25, 2008 11:43 AM CDT

Washington Wants to Know Who Replaces Hank

Successor for Treasury Secretary a major question in bailout debate

(Newser) - With the Treasury Secretary looking to get $700 billion to spend on the bailout, Washington is starting to focus on who might replace Henry Paulson when a new administration takes over in January, the Post reports. Neither candidate has given in to requests for names, but speculation has centered on...

Bailout Pact Appears Near

Sep 25, 2008 10:52 AM CDT

Bailout Pact Appears Near

Consensus emerges ahead of candidate meeting

(Newser) - Congressional leaders seem close to an agreement on the bailout bill, following a flurry of late-night activity, the Wall Street Journal reports. Democrats want to have all their ducks in a row before Barack Obama and John McCain meet with President Bush this afternoon, to ensure McCain gets no credit...

For Buffett, Goldman Deal Was a Snap

Sep 25, 2008 10:29 AM CDT

For Buffett, Goldman Deal Was a Snap

But if Congress doesn't pass Treasury's bailout, he'll 'get killed'

(Newser) - Billionaire Warren Buffett has been getting a lot of calls lately from struggling Wall Street firms looking for a savior, from Bear Stearns to Lehman Brothers to AIG. He’s turned them all down, the Wall Street Journal reports, but when Goldman Sachs called Tuesday, the Oracle of Omaha ponied...

Treasury Will Struggle to Value Mortgage Holdings

Sep 25, 2008 9:36 AM CDT

Treasury Will Struggle to Value Mortgage Holdings

Analysts say US will need to be leery of truly toxic portfolios

(Newser) - When Treasury starts spending the $700 billion in bailout money it’s asking for, the big question is going to be how much to pay for assets that are toxic in part because no one can figure out what they're worth. The bundled and rebundled mortgage securities causing Wall Street...

Eyes on DC, Stocks Lift at Bell

MARKETS

Sep 25, 2008 8:55 AM CDT

Eyes on DC, Stocks Lift at Bell

GE's cut estimates can't keep market down

(Newser) - An estimate cut from GE couldn’t keep the markets down this morning, as bailout optimism drove the Dow up 88 points, with the Nasdaq and S&P each raising 0.7%, the Wall Street Journal reports. GE slumped 4% premarket after cutting its third-quarter estimates, and predicted that “...

McCain Gamble Forces Both Noms' Hands

ANALYSIS

Sep 25, 2008 8:36 AM CDT

McCain Gamble Forces Both Noms' Hands

But especially his own: will he look presidential or reckless?

(Newser) - John McCain’s dramatic suspension of his campaign has propelled himself and Barack Obama to positions of leadership in the financial crisis, writes Michael Cooper in the New York Times, ending their attempts “to float above” the bailout. But now, as members of their parties look to them, their...

Candidates Will Huddle With Bush on Bailout

Sep 25, 2008 7:56 AM CDT

Candidates Will Huddle With Bush on Bailout

Hopefuls headed to DC today to discuss 'flawed' $700B rescue

(Newser) - Both presidential candidates will meet with George W. Bush for talks on the proposed $700 billion bailout of financial firms today, CNN reports. John McCain and Barack Obama released a joint statement on the financial crisis last night, agreeing that the plan was flawed but that "the effort to...

Hillary: Bailout Must Help Homeowners

OPINION

Sep 25, 2008 7:09 AM CDT

Hillary: Bailout Must Help Homeowners

Wants federal company to buy bad mortgages, address root causes

(Newser) - As Congress debates the terms of the $700 billion bailout, Hillary Clinton warns in a Wall Street Journal op-ed that "this is not just a financial crisis; it's an economic crisis." For the New York senator, any federal action has to tackle the underlying causes of the turmoil—...

McCain Move 'Desperate', Say GOP Strategists

Sep 25, 2008 5:46 AM CDT

McCain Move 'Desperate', Say GOP Strategists

Nominee gets public support, but private views are scathing

(Newser) - Republican leaders are publicly praising John McCain's decision to suspend his campaign and seek a postponement of this Friday's debate because of the economic crisis. But off the record, GOP strategists have been scathing about their nominee's latest surprise move. One Republican told the Washington Post it was "desperate...

House OKs $25B Detroit Rescue

Sep 25, 2008 3:29 AM CDT

House OKs $25B Detroit Rescue

Package of low-interest loans aims to prop up staggering auto industry

(Newser) - The House has approved a $25 billion lifeline to Detroit's battered auto industry, the Detroit Free Press reports. The package of low-interest loans to help automakers switch to manufacturing more fuel-efficient vehicles is expected to be approved by the Senate today and signed by the president soon after. Michigan lawmakers...

Bush Pushes Bailout: 'Our Entire Economy Is in Danger'

Sep 24, 2008 8:21 PM CDT

Bush Pushes Bailout: 'Our Entire Economy Is in Danger'

(Newser) - President Bush took to the prime-time airwaves tonight to warn that "our entire economy is in danger" and to push his administration's $700 billion plan to rescue it, CNN reports. "These are not normal circumstances," said Bush in explaining the need for sweeping government intervention. He said...

Obama: Friday's Debate
Should Go On

UPDATED

Sep 24, 2008 4:04 PM CDT

Obama: Friday's Debate Should Go On

He disagrees with McCain on need for postponement

(Newser) - Barack Obama disagrees with John McCain and says "it's more important than ever" to hold the first presidential debate Friday, CNN reports. Obama spoke soon after McCain called for a postponement, announcing that he was suspending his campaign to return to Washington and work on the financial bailout. So...

In Terms We Can Understand: $700B = 12 Bill Gateses

Sep 24, 2008 2:22 PM CDT

In Terms We Can Understand: $700B = 12 Bill Gateses

Or, $2,300 for each of America's 300M average Joes

(Newser) - Ben Bernanke and Henry Paulson have been urging Congress the past two days to authorize the largest bailout in US history. Slate breaks $700 billion into smaller bites:

$2,300 per person (based on the US population of 300 million)
12 Bill Gateses
381 Hollywood blockbusters (Titanic made $1.8

...

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

Sep 24, 2008 11:12 AM CDT

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

Sep 24, 2008 11:04 AM CDT

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

Sep 24, 2008 10:00 AM CDT

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...