Word: bailouts
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...hammer was supposed to be the famous $700 billion bailout bill that Congress signed last week, in which Paulson and Co. were given wide berth to do what they needed to ease the financial panic that all but froze credit markets. Much of the discussion, and the planning, has revolved around how the government would buy up the toxic securities such as CDOs (collateralized debt obligations) that are now poisoning bank balance sheets. The thinking has been that once financial institutions can unload this trash on the government, the gears of commerce will move again. But that takes time...
...days since Congress passed a $700 billion bailout bill to get toxic assets off banks' balance sheets and inject companies with new capital, governmental intervention in the credit crisis has continued and even grown as other countries step up their own efforts to guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
...Freddie Mac, which wiped out the stockholders of those institutions, to the collapse of Lehman Brothers, which did the same to that company's investors, to the run on money-market mutual funds, to the run on Washington Mutual, to the House's unexpected failure to pass the bailout bill the first time around...
...Bailout Fallout This notion of a government bailout is not a question of liberal vs. conservative but one of right or wrong [Oct. 6]. This one is wrong. The burden will fall on the people who need this money much more than greedy executives do. The executives should go down, just as any of us would have to. I realize the economic implications, but this country was built on sacrifice, and we may have to sacrifice again. Nicholas Gamba, Sayreville, New Jersey...
...never thought I'd be agreeing with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, Murrieta, California...