Word: bailouts
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...recently as last winter, loan guarantees for carmakers had seemed like a piece of the Motor City's past (President Carter signed off on the Chrysler loan guarantees in 1980). But a combination of the economic slowdown and Presidential campaign politics, as well as the precedent of the federal bailout of Wall Street's banks, have helped jump-start Detroit's campaign for loan guarantees. "We think we have some real momentum," says one General Motor official, who has been close to the quiet campaign for federal aid. "Times have changed...
...ironic to see a Republican president, with largely Democratic help, pass a measure that increases regulation, increases spending and may call for a public bailout of what are quasi-private companies. And there a number of other things in the measure that looked like election year pork. All that may be why the "signing ceremony" at the White House this week was so subdued. Bailing out what are publicly held companies is not what the Bush team came to Washington to do. But what is really surprising about making deals with the opposition? It was reminiscent of the way Bill...
...Economic Recovery Act of 2008 offers U.S. homeowners, lenders and local communities some relief from the mortgage crisis. The bill is nearly 700 pages, but here's a highlight reel: ? An increase in the federal debt limit from $9.8 trillion to $10.6 trillion, to cover a possible bailout of the beleaguered mortgage giants Freddie Mac and Fannie Mae ? $300 billion in mortgage-refinancing funds backed by the Federal Housing Administration ? $180 million in counseling and legal services for homeowners facing foreclosure ? Tax credits of up to $7,500 for new homebuyers, to be paid back over...
...been an impressive performance, especially coming from a member of the lame-duck Administration of an unpopular President. What's not at all certain, though, is whether it's all going to work - to revive housing, prevent recession and avert a future mortgage bailout of epic, trillion-dollar proportions. The candidates for President are watching closely: both Barack Obama and John McCain have generally endorsed Paulson's actions, but it's clear that - with Obama's candidacy propelled in part by economic discontent - McCain has a greater stake in the current Administration's success. Either way, the next President...
...housing bill well along in the legislative process that provided for a new, tougher regulator for Fannie and Freddie (among many other things). So Paulson jumped into action. On Friday, July 11, he met twice with President Bush, bypassing White House economic advisers who opposed any kind of taxpayer bailout. Over the weekend, he talked to congressional leaders. And all along, he was consulting with Bernanke. On Sunday the 13th, Paulson made the dramatic announcement on the steps of the Treasury building that he was seeking an unlimited line of credit to backstop Fannie and Freddie, plus the authority...