Word: bailouts
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...debate sharpens in the U.S. Congress over Treasury Secretary Henry Paulson's proposed $700 billion bailout package, Washington policymakers would be wise to lift their gaze beyond the Beltway and take a look at Sweden. That country has already been in this particular policy hell, during a banking crisis of its own in the early 1990s. "The basic conditions are the same," says Bo Lundgren, Sweden's Finance Minister at the time. "There was the same anxiety and the same need for confidence." He's one of a number of Swedish financial types who have been shuttling...
...months earlier, Harvard entered into a binding agreement with Massachusetts to keep future carbon emissions from its Allston campus at 30 percent of the national standard for a similar project in exchange for a potentially speedier approval process for campus construction. PIM(P)co MY BAILOUT Less than a year after leaving Harvard to return to a wealthy private financial fund, Mohamed A. El-Erian said in an interview with Reuters that his $812-billion firm would offer to manage part of the government’s proposed $700-billion bailout package for no fee. El-Erian?...
...addressed questions from the audience about how this credit crunch would affect the global financial system. “We will certainly see a fundamental shift,” said David A. Moss, a professor of business administration at the Business School. “The implications of the bailout are much larger than dollar value.” The real question is what American taxpayers want the government to do, he added. “By allowing this bailout to go forward, we are putting greater weight on financial stability than financial innovation, and the government will have more...
...Paulson knows this as well as anyone. He and his team had been working on his proposal for more than six months, in the event that more piecemeal approaches like the bailout of Bear Stearns or the takeover of Fannie Mae and Freddie Mac didn't stop the bleeding. When things looked like they were headed for a crisis at the beginning of last week, he had a team up literally all night working with the Federal Reserve to frame a deliberately vague proposal that could make it through Congress. The key issue was to get something that could pass...
...they are philosophically against it (and because they are from securely red districts or states); Kentucky Senator Jim Bunning, using his typically heightened rhetoric, went so far as to call the proposal "un-American." And a group on the left will oppose it because they see it as a bailout for Wall Street executives (and because they're from securely blue districts or states). But it seems clear that Paulson and Bernanke managed to hit the mark with their three pages. And even if dozens more are eventually added to sweeten the pot for important constituents with powerful lobbyists...