Word: congresses
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...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 Treasury still plans to start buying troubled assets in the next month or so. But that wasn't soon enough for worried investors or for Fed Chairman Ben Bernanke, who according to inside reports had been advocating for a recapitalization for months. Money flowed out of the stock market, including that...
...government that will have to do the spending, says McManus. "Now is the time for us to spend, spend, spend, to make sure people are employed and have money on the table." Both presidential candidates have proposed economic-stimulus packages on top of the $168 billion stimulus Congress passed in early February. At some point, of course, the next President will have to either rein in that spending or raise taxes--or risk a historic budget deficit...
...banker's lexicon, the "failure and sale") of the country's sixth largest bank, Washington Mutual, and helped negotiate the forced sale of superregional Wachovia bank to Citi (only to see the deal, in an embarrassing turn, break down when Wells Fargo snatched up Wachovia instead). She got Congress to boost the ceiling on deposit insurance temporarily from $100,000 to $250,000. And in a move to bolster the FDIC's finances, she wants to double the average premium that banks pay to have FDIC insurance...
...crisis has deepened, Bair has insisted that the FDIC's coffers need support. Currently the agency has $45 billion in reserves. That may not seem like much next to the $700 billion Paulson just got from Congress, but Bair notes that in the past, the FDIC hasn't needed much. Even at the peak of the savings-and-loan crisis in the late 1980s, when thrifts were closing at the rate of one a day, the FDIC maintained its perfect record of returning every penny of every insured depositor's money, and Bair has preserved that record through 15 bank...
Some familiar with the internal battles say Bair is too focused on the security of her own agency. "When the President says we're facing a systemic problem, should you really worry that you're not going to get your fund topped up by Congress?" asks one. But Bair knows that her chief role is to reassure everyday investors. "Your money is safe in the bank if it's FDIC-insured," she says. That's good. Because in the coming months, there may be many more modern-day Lydia Lobsigers...