Word: bailouts
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...disagrees that all these bailouts are giving the American taxpayer heartburn, but why are the automakers under such tight scrutiny when AIG quickly received about twice as much as the Big Three are asking for? In both cases, awful management created the need for a bailout, but suddenly Congress is getting a conscience about spending our money? Yes, one might say that financial companies are more important, but letting automakers fail could push a bad recession into a depression. Jason Toney, Pittsburgh, Pennsylvania...
...disagrees that all these bailouts are giving the American taxpayer heartburn, but why are the automakers under such tight scrutiny when AIG quickly received about twice as much as the Big Three are asking for? In both cases, awful management created the need for a bailout, but suddenly Congress is getting a conscience about spending our money? Yes, one might say that financial companies are more important, but letting automakers fail could push a bad recession into a depression. Jason Toney, PITTSBURGH...
...late Thursday evening, before a compromise plan passed by the House on Wednesday went down to predictable defeat on the Senate floor by a vote of 52 to 35 (failing to meet the 60-vote threshold to cut off a filibuster). The last time Congress failed to pass a bailout plan that most had assumed was a done deal, the Dow Jones industrial average dropped 777 points in one afternoon. The stock market on Friday morning was down only modestly, however, most likely reflecting Wall Street's expectation that Bush will step in. (See the 50 worst cars...
...first presidential debate. During that time, Axelrod said, Obama established himself as a "safe change" candidate. McCain, meanwhile, announced a suspension of his campaign and a plan to suspend the debate (which was later aborted), and showed an underwhelming effort in his return to Washington to support the federal bailout package - which led him to cancel an appearance on Late Show with David Letterman. Davis, who approached the event with humor, admitted, "The most damaging thing was pissing off Letterman...
...Davis also made a revelation of sorts. "Look, the last thing I thought I was going to be doing in September was lobbying Congress," he said. Davis, who normally makes a living as a registered lobbyist, had met with members of Congress to talk about the bailout. But at the time, the McCain campaign maintained that the meetings were informational and did not constitute lobbying...