Word: wachovia
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...institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment banks was the first effort to provide access to a lender of last resort. As for regulation, that will have to be something the Fed, Treasury, SEC and Congress tackle after the crisis crests...
Others think he may be right. Says Anthea Butler, an expert in Pentecostalism at the University of Rochester in New York: "The pastor's not gonna say, 'Go down to Wachovia and get a loan,' but I have heard, 'Even if you have a poor credit rating, God can still bless you - if you put some faith out there [that is, make a big donation to the church], you'll get that house or that car or that apartment.' " Adds J. Lee Grady, editor of the magazine Charisma: "It definitely goes on, that a preacher might say, 'If you give...
...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...
...Depression 2.0 Can Still Be Avoided At the moment, a reworked bailout deal seems likely to pass. But the world may still be heading for a severe downturn. Interbank lending remains stubbornly frozen, despite the Fed's liquidity fire hose. With WaMu and Wachovia wiped out, the stampede out of bank stocks and bonds will surely claim new victims. As the recession bites, Main Street firms will start going bust too. And the impact on the $62 trillion market for credit-default swaps could be explosive...
...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...