Word: bailouts
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...example, I do not understand how this $700 billion bailout we have all agreed to is supposed to work. Do you? Does Tom Brokaw? Do Obama and McCain? I suspect that one of them does and the other doesn't. But I don't know. I can't help thinking it would be nice to have a President who understands it. That's the kind of leader we want: one who could get us back to business as usual...
...Bailout...
...high school girl who usually flips straight to the Arts section of TIME, but I read Justin Fox's Q&A about the bailout, and I think it was really smart to boil it down that way [Oct. 13]. Even I understood most of it. Still, for me, the obese elephant in the room is the question of where all the money went in the first place! Sara Makaretz, YARMOUTH, MAINE...
...each from Citigroup, JPMorgan Chase, Wells Fargo and Bank of America. In return for the capital, the U.S. would collect a 5% dividend in the first five years. Although Wells Fargo chairman Richard Kovacevich resisted, Paulson gave the bankers no choice. It's partial nationalization, although in announcing the bailout Oct. 14, Paulson deliberately avoided using that term. "Today's actions are not what we ever wanted to do, but today's actions are what we must do to restore confidence in our financial system," he said...
...weeks, Paulson had held off on direct investment, preferring instead to use the $700 billion Troubled Asset Relief Program (TARP), passed by Congress on its second go-round, to buy toxic mortgage-related assets from the banks. The bank bailout will be funded out of that budget, and the Treasury still plans to start buying troubled assets in the next month or so. But that wasn't soon enough for worried investors or for Fed Chairman Ben Bernanke, who according to inside reports had been advocating for a recapitalization for months. Money flowed out of the stock market, including that...