Word: bailouts
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...Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke's three-page plan to rescue the American financial system to the 40-plus-page proposal they got in response from the Democrats. And by that page ratio alone, it might look to the untrained eye as if Paulson's bailout package was headed for failure, an outcome that spooked markets to another day of stomach-churning 4% and 5% drops on Monday...
...Tuesday's Senate Banking Committee hearing on the bailout may not reassure anyone. Paulson argued that the Bush Administration's plan is "the single most effective thing we can do to help homeowners, the American people, and stimulate our economy." And he stressed that despite fears on Capitol Hill, he does believe there should be some oversight of the unprecedented bailout. But Democrat Chris Dodd of Connecticut declared, "It is not just our economy at risk but our Constitution as well," while ranking minority member Richard Shelby of Alabama, a vocal critic of the plan, said, "I have long opposed...
Conservatives who hoped the Bush team would leave a legacy of smaller government, freer markets and fewer regulations can officially kiss that hope goodbye. Government officials report that the President, whatever his ideological reservations about the Treasury's next move, cleared the way for the bailout in the face of what looked like certain economic meltdown...
...bailout plan in some kind of perspective: Paulson would rule over a pile of assets that exceeds the annual Pentagon budget of $507 billion by nearly 50%. For at least the next year, and perhaps for years after, Treasury's spending authority will make it harder for the next President to fulfill campaign promises and pump money into new priorities. Depending on how Paulson's power is structured, it could even postpone new federal spending on health-care reform or infrastructure improvements, or hasten the need for increased taxes and deep spending cuts. A similar challenge faced incoming President George...
Congress must still approve the bailout - but no one wants to take responsibility for what may come in the absence of action; the plan is likely to go through...