Word: lehman
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...months, Paulson's public image has taken quite a beating. The former Goldman Sachs CEO entered September as the can-do dealmaker who seemed to have finally gotten the yearlong mortgage crisis under control. Now, after the expensive rescues of Fannie Mae, Freddie Mac and AIG, the failure of Lehman Brothers, and the painfully dramatic struggle to get a $700 billion financial bailout bill through Congress, he is a much-diminished figure. He has zigzagged and he has waffled and he has backtracked. His decisions and his motives have been harshly questioned on Capitol Hill and by the press...
...possible that the panic never would have happened if Paulson and Federal Reserve officials hadn't allowed Lehman to fail. Although, given how much criticism they got for their semi-bailout of Bear Stearns in March, it's easy enough to see where that decision came from. Less easy to understand is why Paulson initially stubbornly insisted that the bailout bill be structured as an asset-purchase plan - it's still called the Troubled Asset Relief Program, or TARP - rather than as a straightforward recapitalization of troubled banks. Treasury has since switched to the latter approach, so far putting...
...We’re lucky that at the moment, Harvard’s financial situation is bearable. But in a society that has watched an institution as seemingly indestructible as Lehman Brothers collapse, nothing can be certain. Donahue insists that “there won’t be a problem with funding the scholarship program this year.” But even Donahue admits that the endowment will suffer along with the rest of the countries financial state...
...Lehman Brothers evaporated, McCain was running 2 points ahead. In September, when the Wall Street Journal asked people who was better on taxes, McCain beat Obama, 41% to 37%. Over the next month, there was an 18-point swing, until Obama prevailed on taxes, 48% to 34%. The Obama campaign never missed a chance to replay McCain's quotes about the fundamentals of the economy being strong or that he was "fundamentally a deregulator" at a time when regulation was fundamentally overdue. The moment McCain tried to seize the moment, suspend the campaign and ride back to Washington to rescue...
...hadn't had the collapse of the global credit market, yeah, I think we might have been able to fight our way through it. I was just looking at the popular vote. It's 53% to 46%. We were probably three or four points on top of him before Lehman Brothers went down. You had a country that was fed up with the Bush Administration, horrible wrong-track numbers, and an opponent with $700 million. We had $85 [million]. And we got 56 million votes. That's not too bad in this environment. All the really, really red states that...