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That was why, when the CEOs of the Detroit Three auto companies showed up on Capitol Hill in mid-November to beg for $25 billion in emergency loans, the committees they went to were Senate Banking and House Financial Services--which have jurisdiction over the financial-bailout...
...Brothers, a major cog in this system, filed for Chapter 11. In one sense the process worked as designed--much of Lehman lives on under the names Barclays and Nomura. But the resulting run on the financial system sent Ben Bernanke and Hank Paulson scurrying in panic to Capitol Hill to ask for a $700 billion bailout...
...Considering the mixed messages Capitol Hill sent on Thursday, that seemed the only appropriate approach. First, news spread midday that a group of bipartisan lawmakers had reached an agreement to provide Detroit with an infusion of $25 billion, with a victory press conference to be held at 2:30 p.m. Then, abruptly, House Speaker Nancy Pelosi and Senate majority leader Harry Reid cut the negotiators off at the pass by holding a hastily called press conference of their own in the same Senate room at 2:00 p.m. At that point, the Democratic leaders announced that they would not bring...
...both chambers of Congress the week of Dec. 8 to pass a bailout. "Yes, we're kicking the can down the road, because that will give us the opportunity to do something positive. But that will only happen if they get their act together," Reid told reporters on Capitol Hill on Thursday...
...Kicking the can down the road, however, isn't the kind of clarity Wall Street is looking for in these dire economic times. Coming a day after the Big Three CEOs' pleas on Capitol Hill dragged down the markets, Congress's muddled maneuvers on Thursday only made investors more anxious, pushing the Dow Jones down another 400-plus points and the broader S&P 500 index to an 11-year low. (See the Top 10 Dow Jones drops...