Word: paulsons
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Democrats prefer to use money from the $700 billion that was approved in September to bailout the banking system, a move opposed by President Bush, Treasury Secretary Henry Paulson and most congressional Republicans. In the Senate, especially, Dems need at least nine Republicans to pass veto-proof legislation, assuming they can count on all their members, which makes coming to a deal in a lame-duck session particularly difficult. Other options Democrats are exploring include asking the Federal Reserve to supply the loans or requiring the banks that the government is currently bailing out to loan the money...
...what about that $750 billion we already gave Hank Paulson, the Treasury Secretary, to clean up this mess? Oh yeah, that. Well, that wasn't a stimulus. It was a bailout. Big difference. The purpose of the bailout was to save the financial system from collapse. (And anyway, it hasn't worked.) The purpose of a stimulus is to get the entire economy moving again. Put money in people's pockets and let them spend it. Or, even better, let's spend it together on national projects like fixing the highway system. Bring on the earmarks! Hey, Sarah--where...
...know this has been a horrifically grueling year for you; I also know that you, Henry Paulson and Ben Bernanke are doing your utmost and don't get a lot of sleep, even on weekends. I've been watching this astonishing (and dispiriting) U.S. financial meltdown mostly from afar. But I've been watching pretty closely nonetheless, and a couple of things occur to me. (See photos from the financial meltdown...
...Finally, it would be nice if, upon inheriting Paulson's job in January, you provided a bit more coherence to just what exactly you guys are trying to do, and how. I know this is much easier said than done, given the startling rapidity with which things have headed down the drain. But the bailout of Citibank about a week ago makes the point; at the start of this, the so-called TARP (the Troubled Asset Relief Program) was going to be used to buy bad assets from financial institutions. Those institutions could then be recapitalized and, with their balance...
...salary, as Justin Fox and Massimo Calabresi make clear in their smart piece in this week's issue about Barack Obama's economic plan. Speaking of economics, TIME and FORTUNE will present the Fortune 500 Forum in Washington Dec. 1-3, featuring, among others, U.S. Treasury Secretary Hank Paulson and Federal Deposit Insurance Corporation chair Sheila Bair. The conference will bring high-ranking executives of America's leading companies together with top policymakers, including former Secretary of State Madeleine Albright and Pennsylvania governor Ed Rendell, to talk about the intersection between the government and the economy. As we have been...