Word: bailouts
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...able to pick up the slack. Both presidential candidates support a national carbon cap-and-trade system, similar to that in place in Europe, and Barack Obama has pledged to invest $150 billion in clean tech over 10 years if he's elected President. The recent economic bailout leaves the next Administration with less to spend, but Obama at least thinks green investment will create new industries and jobs that can't be outsourced. He told TIME's Joe Klein that energy will be his No. 1 priority if he enters office, and Obama's energy adviser, Jason Grumet...
...Senate race, both candidates were asked to identify issues on which they took stands that were politically unpopular. Shaheen paused uncomfortably for a few moments before ultimately arguing that she doesn't pay attention to polls. In response, Sununu eagerly noted that he had supported the congressional bailout package, even though most New Hampshire voters opposed it. "I will always take a stand for what I think is right for New Hampshire," he said...
...Great Depression. In some of the state's most politically divided areas, including Sandusky and Lima in northwest Ohio, a third of all manufacturing jobs disappeared in the last seven years. These economic concerns have helped Obama, who took the lead in polls only after the Wall Street bailout...
...expect a do-over from the outgoing Administration, but not a paper-over that would rescue speculators. FDIC chief Sheila Bair has been pushing to use new loan-guarantee authority passed under the $700 billion banking bailout to adjust troubled homeowner mortgages. The plan would provide $50 billion from the government to be tapped as insurance for banks willing to adjust mortgages in a loss-sharing agreement. The FDIC would guarantee any losses on loans readjusted for homeowners who can show a 38% debt-to-income ratio, similar to what the FDIC worked...
There are too many moving parts in the economy now to say when things might hit bottom. But what is in place--realistic pricing, some banks willing to deal and maybe a mortgage bailout--should provide some friction against a big slip. That should allow home buyers to take some comfort--and sellers to make some cash...