Word: hanks
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After last week's political theater in Washington over the $700 billion bailout bill, the stock market's continuing woes have left many people shaking their heads. Isn't that huge sack of money Treasury Secretary Hank Paulson sought supposed to be solving the problem...
...investors may want to be sure that this year's bailout shows results - unlike last year's Master Liquidity Enhancement Conduit, which was an attempt to solve the subprime crisis by three private banks (Citigroup, JP Morgan Chase and Bank of America) using private money - essentially what Treasury Secretary Hank Paulson hopes to do now with public funds. Within months, however, the Conduit was abandoned when no investors were willing to buy the toxic mortgages. And so the government bailout was devised. "It's gotten to the point that Bernanke and Paulson have lost enough credibility," Low said. "They have...
...what should greens do to avoid irrelevance, now that Hank Paulson is replacing Al Gore as the nation's chief scold? First, tie environmental rescue to economic recovery, by "greening the bailout," as columnist Tom Friedman of the New York Times has put it. As the new Administration - whether Democratic or Republican - searches for ways to stimulate the economy, green infrastructure spending could be the way to go. More money for high-speed rail, tax credits for new solar systems, increased federal funding for renewable energy - these are policies that might not only help stimulate a flagging economy, but directly...
...Treasury Secretary Hank Paulson likes to talk about how soured mortgage-related securities are "clogging up" our financial system. It's not always easy to see what he means. Banks' refusing to lend to one another and companies' not being able to fund themselves through issues of commercial paper are incredibly serious and escalating problems - but almost entirely intangible...
...Dems voting yes - a larger margin than expected, considering the bill's spectacular failure, 228 to 205, on Monday that caused the largest one-day drop, 778 points, in the Dow Jones industrial average. Very soon after passage, President Bush signed the bill into law, finally giving Treasury Secretary Hank Paulson the authority that he requested more than two weeks ago to buy up Wall Street's distressed mortgage-backed securities. But getting it done was not pretty or easy, and the clearest sign of that was in the sheer size of the legislation itself; Paulson's original request...