Word: bailouts
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...troubling that Paulson did not have such foresight. A Secretary of the Treasury who is unable to notice or acknowledge the symptoms of the crash should not be given an enormous sum to attempt to set us on track. It’s not surprising that his bailout solution is unpopular among economists and, according to polls, the American public. In a recent poll, 55 percent of Americans indicated that they do not favor bailing out private companies using taxpayers’ money, which is what this $700 billion purchase of mortgage-backed securities composes. Investors George Soros, Carl Icahn...
...fate of the $700 billion financial bailout bill is in limbo, following today's surprising and dramatic defeat of the delicately negotiated plan in the House, by a 228-205 vote. With the Dow Jones Industrial Average plummeting (it declined by more than 700 points), President Bush and congressional leaders vowed to bring the package back for another vote as soon as possible - probably later this week - but it was far from clear what they could do to make it any more palatable...
Supporting the bill wasn't easy for lawmakers on either side of the aisle. As the deal was being worked out last week, congressional offices were reporting that constituent phone calls were running 100 to 1 against the measure, which was seen across the country as a bailout of the very Wall Street executives whose misjudgment in making and selling bad real estate investments had spawned a credit crisis that threatens to drag down the entire financial system...
Both houses of Congress had been scheduled to adjourn this week until after the election. The defeat of the bailout plan means that everyone is likely to be back at work later this week. The question is what the markets will do in the meantime...
...voting down the proposed $700 billion financial bailout package - and causing a spectacular stock market rout - a majority of members in the House of Representatives made a clear statement that they didn't want to put taxpayers on the hook for the failures of financial institutions...