Word: bailouts
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...Administration and Congress have felt compelled to do something about the "financial meltdown," so an inefficient and inequitable "bailout plan" has been rushed through the legislature despite harsh criticism from the right and left. That's unfortunate. Both presidential candidates were stalling by qualifying the plan. Whichever candidate had had the courage to reject outright this proposal would have had the better claim to be President...
...fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities. In fact, some versions of these instruments are imaginary derivatives. These claims overlap on the same types of mortgages. Many financial institutions wrote claims over the same mortgages, and these are the majority of claims that have "gone...
...Follow the money. Average Joes and Janes are not the holders of the other side of complicated, over-the-counter derivatives contracts. Rather, hedge funds are the main holders. The bailout will involve a transfer of wealth - from the American people to financial institutions engaging in reckless speculation - that will be the greatest in history...
...interview Friday afternoon. “Then the secretary of the treasury called and said I need to draft him to come save the nation.” Forst is helping Secretary of the Treasury Henry M. Paulson, his erstwhile Goldman colleague, draft the controversial $700-billion bailout plan that is currently being considered by Congress, Faust said. Faust said that though Forst would be in Washington for weeks as a temporary consultant and “can’t exactly say when” he’ll return, the executive vice president is still plugged into events...
Over the weekend, leaders in Washington reached a tentative agreement on a government rescue strategy for the fraught U.S. economy. After intense, partisan negotiations, the core proposal of Secretary of the Treasury Henry M. Paulson’s original $700 billion bailout plan remains largely intact. Originally conceived and announced last week amid unprecedented U.S. bank failure and market turmoil, the bailout plan will appear in front of the House of Representatives this morning. The aim of the Paulson proposal, if passed, will be to inject liquidity into the stagnant credit markets, which must be greased in order to prevent...