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And so Paulson and Bernanke asked for the world--and warned lawmakers they had only a few days to deliver it. Treasury needed $700 billion to buy up Wall Street's toxic mortgage-backed assets, which the government would eventually repackage and sell when the real estate market recovers, and...
But asking Congress for $700 billion overnight when lawmakers have been unable for years to find funds for all sorts of other national priorities provoked a bitter and bipartisan backlash. "Paulson confused venture-capital behavior with leading a free society," says former House Speaker Newt Gingrich. "I don't know...
Steven C. Wofsy, professor of atmospheric and environmental science, presented a proposal at yesterday’s Faculty Council meeting that would reform the way professors receive principle investigator rights. The 18-member governing body of the Faculty of Arts and Sciences discussed the change that would transfer the authority...
1. Will it really cost $700 billion? The dollar estimate of this bailout is just that - an estimate. Think of it as that bubble that slides up or down inside a level: it keeps moving, and where it ends up depends on who's talking. Some optimists think the mortgages...
Paulson faces other problems on Capitol Hill too. Both parties in Congress are by now deeply skeptical of any new Administration demands for increased executive authority and are vehemently pushing for more oversight of how Treasury will manage the bailout. The Paulson plan is bigger in that regard than just...