Congress – News Stories About Congress - Page 82

ANALYSIS

Oct 2, 2008 1:49 PM CDT

FDIC May Need Its Own Bailout

Agency lacks funds to insure present level, much less proposed raise to $250K

(Newser) - The Federal Deposit Insurance Corporation has quietly and effectively done its job safeguarding Americans’ money since 1933, but the financial crisis will thrust the agency into the spotlight, reports Big Money, Slate’s financial offshoot. The bailout bill increases the amount the FDIC insures, from $100,000 to $250,000,...

Pressure Shifts Back to Pelosi

ANALYSIS

Oct 2, 2008 12:46 PM CDT

Pressure Shifts Back to Pelosi

Speaker, derided for partisan remarks ahead of first vote, gets another crack at bailout bill

(Newser) - After Republicans blamed partisan remarks for dooming Monday’s bailout vote, Speaker Nancy Pelosi is firmly in the crosshairs with a second chance coming tomorrow, the Sacramento Bee reports. But the Democrat isn’t backing off, a rep says. “Part of being able to deal with this crisis is...

Buffett Grabs
$3B Chunk of GE

Oct 2, 2008 3:59 AM CDT

Buffett Grabs $3B Chunk of GE

Shrewd market player aiming for windfall after chaos clears

(Newser) - Mega-pockets investor Warren Buffett is sinking $3 billion into General Electric, whose share prices have slumped a third amid the financial chaos on Wall Street, Reuters reports. Buffet, 78, negotiated a 10% dividend, which could generate $300 million income a year. The move comes a week after he invested $5...

Pelosi's PAC Paid Husband's Firm $99K for Work

Oct 1, 2008 3:45 PM CDT

Pelosi's PAC Paid Husband's Firm $99K for Work

Transaction legal, but would have been banned by bill Dem Speaker supported

(Newser) - Nancy Pelosi paid her husband’s company $99,000 through her political action committee during the past 9 years, the Washington Times reports. Payments to Paul Pelosi’s Financial Leasing Services are routine fees for accounting and office-space rent payments, but would have been illegal under a bill Pelosi supported...

Hey, You Turkeys: Quit
Gobbling CEO Pay

OPINION

Oct 1, 2008 1:11 PM CDT

Hey, You Turkeys: Quit Gobbling CEO Pay

Costly salaries make sense if they save billions

(Newser) - Politically imposed CEO pay limits are “one of the most penny-wise and pound-foolish things” the “turkeys in Congress” are looking to impose in the bailout package, Thomas Sowell writes in the National Review. It’s a bargain to get a CEO “out the door immediately for millions”...

Surveillance Plan Moves Forward, Despite Concerns

Oct 1, 2008 10:42 AM CDT

Surveillance Plan Moves Forward, Despite Concerns

Homeland Security program would allow local government to access spy photos

(Newser) - A Government Accountability Office review raises concerns about plans for domestic satellite surveillance, the Wall Street Journal reports, but Homeland Security will proceed anyway. A bill allows the agency to provide satellite imagery for emergency and scientific purposes, but could be expanded to include surveillance and border control. The department...

Friend Fingers Stevens at Trial

Sep 30, 2008 4:37 PM CDT

Friend Fingers Stevens at Trial

Government's chief witness acknowledges giving inappropriate gifts to Alaska sen.

(Newser) - A longtime friend of Alaska Sen. Ted Stevens crossed the powerful lawmaker and testified today as the star witness in the Republican senator's gift-giving trial. The fiercely loyal Stevens did not acknowledge Bill Allen when he entered the courtroom. The two men barely looked at each other as Allen prepared...

Dow Up 485 in Recovery Rally

MARKETS

Sep 30, 2008 3:37 PM CDT

Dow Up 485 in Recovery Rally

But indices see big losses for September

(Newser) - Stocks surged toward the end of today’s session to recover much of yesterday’s losses, but still finished September down, the Wall Street Journal reports. The markets rallied on confidence that lawmakers would reach agreement on a bailout plan by week’s end, with the Dow up 485.21...

Papers Frothing Over 'No' Vote

OPINION

Sep 30, 2008 10:33 AM CDT

Papers Frothing Over 'No' Vote

Editorials mostly disparage Congress, Administration

(Newser) - As Monday’s “no” vote resounded down Wall Street, editorial writers across the country fired up their typewriters. Here’s what the country’s top papers are saying:

Congress earned its 10% approval rating yesterday, the Wall Street Journal says, particularly Nancy Pelosi —“Tom Delay without

...

Bailout Vote Shows
Bush's Power Waning

analysis

Sep 30, 2008 6:56 AM CDT

Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

(Newser) - The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely on alarmist rhetoric—repeated dire...

Countdown to Failure:
How Bill Unraveled

Sep 29, 2008 8:01 PM CDT

Countdown to Failure: How Bill Unraveled

Stunned silence grips House after last vote

(Newser) - As members of the House of Representatives cast their ballots on the $700 billion bailout package yesterday morning—the negative votes piling up even as the market plummeted—the Los Angeles Times was blogging. Kicked off by Majority Leader Steny Hoyer's final words to the House—"The alternative is...

5 Reasons Pols
Dissed the Bailout

ANALYSIS

Sep 29, 2008 6:08 PM CDT

5 Reasons Pols Dissed the Bailout

A bad sell, partisan wrangling, and an urge to be reelected led to bill's downfall: Pershing

(Newser) - House members were only given a chance to salvage the world economy—why do it? There are several reasons why 95 Democrats and 133 Republicans turned down Henry Paulson's $700 billion bailout plan, Ben Pershing writes in the Washington Post. The simplest? “A lot of members just didn't like...

Dow Falls 777 On House Vote

MARKETS

Sep 29, 2008 3:42 PM CDT

Dow Falls 777 On House Vote

Biggest single-day drop in index's history

(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a...

House Debate Heated
as Bush Pushes Bailout

Sep 29, 2008 10:58 AM CDT

House Debate Heated as Bush Pushes Bailout

But whether bill will pass remains up in the air

(Newser) - President Bush called on lawmakers this morning to support the hotly-contested bailout bill as the House began debate and leaders on both sides of the aisle counted defections, Politico reports. ““Every member of Congress and every American should keep in mind: A vote for this bill is a...

Deal Reached on Bailout

Sep 28, 2008 5:08 AM CDT

Deal Reached on Bailout

Bill would address exec salaries, hold equity stake for taxpayers

(Newser) - Congress and the Bush administration have agreed on a preliminary plan for the $700 billion bailout bill, Washington leaders said after emerging from talks after midnight this morning. Though details need ironing out, “I think we're there,” announced Treasury Secretary Henry Paulson. Work was to continue with a...

Dems, GOP Close In on Bailout Plan

Sep 27, 2008 1:49 PM CDT

Dems, GOP Close In on Bailout Plan

Lawmakers haggle into wee hours, vow to unveil accord tomorrow

(Newser) - Lawmakers nearly pulled an all-nighter yesterday negotiating Henry Paulson's bailout plan and vowed to unveil it tomorrow, the New York Times reports. “Staff worked until 3am this morning on the bailout,” Senate majority leader Harry Reid said, and “they made significant progress.” But there are still...

Market to Congress: Time's Up

OPINION

Sep 27, 2008 11:50 AM CDT

Market to Congress: Time's Up

New plans simply can't be negotiated in time

(Newser) - Henry Paulson’s bailout plan isn’t perfect, writes Joe Nocera in the New York Times, but we have to enact it anyway because time has run out. “With every passing day, Congress is fiddling while Rome is burning,” says Nocera, just last week a bailout opponent. Lawmakers...

House Republicans Return
to Bailout Negotiations

Sep 26, 2008 5:01 PM CDT

House Republicans Return to Bailout Negotiations

Key concessions, and a desire to approve legislation, put talks back on track

(Newser) - After a dramatic exit yesterday, House Republicans returned to talks today on the Wall Street bailout plan, the Washington Post reports. The White House expressed confidence and hoped aloud for a resolution by Monday. Yesterday’s White House meeting, with both candidates, was seen as a misstep. “The insertion...

Up Day Still Means Down Week

MARKETS

Sep 26, 2008 3:47 PM CDT

Up Day Still Means Down Week

WaMu spooks markets, but optimism over bailout remains strong

(Newser) - Stocks lost value for most of today’s session as progress slowed on the Wall Street bailout plan, but turned sharply higher in the last few trading hours, MarketWatch reports. Despite mixed gains today, all indices saw losses during a tumultuous week. The Dow gained 121.07 to 11,143....

'What We Need Are a Few Public Hangings'

OPINION

Sep 26, 2008 1:26 PM CDT

'What We Need Are a Few Public Hangings'

String up some CEOs to satisfy the mob, and get on with a bailout

(Newser) - The masses are agitated, and so is Congress. How dare Henry Paulson ask for so much money to bail out those greedy Wall Street evil-doers? The truth, writes Charles Krauthammer, is that Paulson is a lame duck doing his best to save the economy, and that the crisis was mostly...