Word: creditably
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That is only one element of the tricky undertaking that begins now for Paulson. For all the equity markets' sanguine response to the Hill, the credit markets are still seizing up. The process by which Paulson will actually use the $700 billion to buy the bad loans remains more than opaque. Sources familiar with his plans say he intends to structure some kind of reverse auction, where holders of the loans compete for the pool of money, pricing their loans as low as they can to still survive. But a slew of academic experts in auction theory have...
...bailout plan remains largely intact. Originally conceived and announced last week amid unprecedented U.S. bank failure and market turmoil, the bailout plan will appear in front of the House of Representatives this morning. The aim of the Paulson proposal, if passed, will be to inject liquidity into the stagnant credit markets, which must be greased in order to prevent further deterioration of the financial sector. The $700 billion bailout is an appropriate short-term tactic and should stabilize the U.S. economy, buying time to address root problems. The credit market freeze stems from banks that are unwilling or unable...
Bounds, Tucker •claims McCain deserves credit for previously-thrashed-out bailout deal that fell apart when McCain arrived in Washington...
...wouldn't be enough to do the job. Nor is it the most effective way, Treasury officials argue. Leaving those toxic mortgage-backed assets on financial institution balance sheets, they say, would not provide the additional liquidity that banks desperately need right now to get the nation's paralyzed credit markets flowing again. They also believe that it is largely unworkable because it would not help solve the problem banks are struggling with now - how to value those distressed securities...
...their belief that McCain's involvement in the bailout talks has made a resolution that much harder. Many of them believe that House Majority Leader John Boehner, who got a standing ovation from his caucus Friday morning, wanted to slow down the process so that McCain could take credit for bringing all sides together. Such suspicions were further fueled by the fact that McCain's campaign manager Rick Davis had been actively meeting with House Republican leaders on Thursday, even as McCain had claimed to have suspended his campaign to help work out a deal. Obama campaign adviser Anita Dunn...