Word: bankses
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They've saved the bankers, but what about the butchers, the bakers, the autoworkers and their dented 401(k) savings? Who's going to bail out the retailers, restaurants and manufacturers small and large? The government has committed $250 billion to rehydrate the balance sheets of the nation's leading...
As banks have slammed on the lending brakes because they have lost so much money on subprime mortgages and securities tied to real estate, the entire $14 trillion U.S. economy is piling up behind them. Tighter lending means fewer firms can expand their business; cities can't sell bonds to...
The damage had been mounting so swiftly that in the midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it...
For weeks, Paulson had held off on direct investment, preferring instead to use the $700 billion Troubled Asset Relief Program (TARP), passed by Congress on its second go-round, to buy toxic mortgage-related assets from the banks. The bank bailout will be funded out of that budget, and the...
So what finally forced Paulson's hand? Pressure mounted from abroad when Ireland, the U.K., France and Germany moved almost sequentially to insure deposits and recapitalize banks--nearly $3 trillion worth. For the Treasury to fail to match that offer would have risked a capital flight by institutional depositors that...