Word: mutualized
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...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 to Citigroup. All of this will cost somewhere between $200 billion and $300 billion...
...approach, articulating principles--transparency, oversight, limits on golden parachutes, protections for taxpayers and homeowners--but mostly staying out of the way. He didn't really act like a leader, but he doesn't hold a leadership position, and so far voters seem to appreciate his cool response. While Washington Mutual and Wachovia were disappearing and investment banks were going extinct overnight, Obama was pulling ahead in the polls...
...just under a month, reporters have been fashioning articles about the financial crisis by simply listing the venerable Wall Street institutions that have met their demise: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, and, most recently, Washington Mutual...
...Hold More Cash This crazy ride may not be over. So the more cash you have in short-term securities like bank CDs, interest-bearing checking accounts, money-market mutual funds and Treasury bills, the better shape you'll be in to ride out a market slump and invest again when the economy stabilizes. Typically, a decent cash cushion is three to six months' worth of living expenses if you are working and 12 months' worth or more if you are retired. Double the cushion if you can. "Believe me," says William Jordan, president of the Sentinel Group, financial planners...
...market today gave legislators the opportunity for a do-over, rising nearly 5% on the notion that all those folks who were sending angry messages to their Representatives might have a doubt or two after checking their mutual funds balances. Broun is resolute that taxpayer money won't be used "to give a golden parachute to Wall Street that our grandchildren may still be paying for many decades from now." But Wall Street is all of us, including the Congressman from the 10th District in Georgia. We are all going to eat the cow patty. The only question...