Word: mortgagees
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Dates: during 2000-2009
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Banks and other financial institutions are in an even worse position: their debts are accumulating even faster. By 2007 the financial sector's debt was equivalent to 116% of GDP, compared with a mere 21% in 1980. And the assets the banks loaded up on have fallen even further in...
Indeed, even without the $700 billion bailout, Paulson has already written some big checks - to cover the subsidized sale of Bear Stearns to JPMorgan, the nationalization of mortgage monsters Fannie Mae and Freddie Mac, the bailout of insurance giant AIG and the sales of Washington Mutual to JPMorgan and Wachovia...
The body count is, to be sure, an astonishing one: in less than a year, three of the nation’s five independent investment banks are gone, and a major insurance company and two behemoth mortgage firms have been effectively nationalized.
Ohio Marcy Kaptur, Democratic Congresswoman from Toledo, says the crisis "is as big as it gets. I haven't seen this kind of reaction from constituents since the [savings and loan] crisis of the 1980s. I am getting thousands of letters, phone calls, e-mails and faxes. A handful of...
Iowa Joyce Carle, 65, of Des Moines retired from the U.S. Postal Service after 25 years. But when the Paulson proposal came up, she immediately wrote a letter to the local paper to voice her opposition. "A $700 billion bailout I feel is going to my grandchildren. They're going...