Word: crediteers
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...explain the situation. The Dow Jones industrial average dropped 778 points on the news. Treasury Secretary Hank Paulson warned Monday afternoon that car loans and student loans were likely to tighten. Other economists have warned of the possibility of widespread corporate failures and unemployment, if the short-term credit markets freeze up. Bank failures, or mergers, are likely to continue. The taxpayer costs of federal insurance on deposits could increase...
...pass a financial markets rescue plan. But they mostly appeared to agree on one thing: that even if they were going to support it, no one much liked the $700 billion bailout bill they had negotiated with the Bush Administration, and certainly no one much wanted to take any credit...
...Capitol Hill, no one has more to lose in this debacle than John McCain. By claiming to suspend his campaign and pledging to help bring House Republicans on board, McCain put much of his political capital on the line - to the point that his staff were already claiming credit for the legislative coup Monday morning on the assumption that it would pass. "This is very bad for McCain," said Clyde Wilcox, a government professor at Georgetown University. "So he interrupts his campaign to fly to Washington to deliver a deal, and then cannot deliver his party? This suggests that everyone...
...postmortems of yesterday's failed congressional bill to right the credit markets, I'm noticing a repeated refrain: Representatives voted against it because their constituents hated it, and their constituents hated it because they didn't understand the consequences...
...months (as my colleagues whom I've been buttonholing with questions can attest), I found the coverage of the credit situation and its possible effects on the rest of the economy to be frustratingly vague and Wall Street-centric. I felt like I should know what was going on, and I didn't. Just what exactly were we facing, and who could be hit in what...