I'm of course being a tad facetious here, but I did find entertaining the description in the NY Times both of the terms of the bailout, and of the manner in which the US's nine largest banks were encouraged to participate. Regarding the … [Read more...]
Frank, Pelosi, and the DC team should hire some new economics advisors, pronto
Around the world, global leaders are huddling to determine the best steps to get out of the financial crisis. It's bad. If the Dow doesn't come back by December 31st, this year will mark its worst yearly slump since 1937. Millions of people … [Read more...]
Markets tanking. Hold on to your hats.
The Dow is below 10,000 for the first time in four years -- as of now, it's down a little over 4%. The S&P 500 is close to sinking below 1,000, which it hasn't done since 2003. Governments all over Europe are scrambling to … [Read more...]
House passes Senate version of the bailout
That's a wrap, folks. The vote was 263 to 171.... Most Democrats favored the bill (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays). Every member of the House voted.... Many lawmakers who … [Read more...]
On rescue plan, McCain is a double loser
The house passed the rescue plan 263-171. Republicans voted 91 in favor, 108 against. There are multiple possible conclusions to draw about McCain's leadership. On the most pressing legislative issue of the day (and of recent memory): 1. … [Read more...]
A Main Street Bail Out Plan that provides real relief for Main Street
Obviously some of the Mortgages that were in these portfolios are the Mortgages that People need help with because they are delinquent on Payments, or are in Foreclosure or have been foreclosed upon. Then I ask why is this crisis funding is … [Read more...]
The Emergency Economic Stabilization Act of 2008 must be enacted.
So Reps. Delahunt and Lynch (hopefully Rep. Tierney has come to his senses) if you still plan to vote no and the bill fails, lets hope that all the economists and financial brainiacs are wrong about the expected financial devastation. … [Read more...]
Senate passes bailout bill 74-25
Unsurprisingly, the Senate has overwhelmingly passed the bailout bill 74-25. Worthy of note: Senators Obama, McCain, Biden, and Kerry voted for it. Senator Kennedy is the only Senator who did not vote. … [Read more...]
Franklin Delano Roosevelt’s first Inagural Address – directly on point to today!
I suggest that Congress post their draft, this time, for public Notice and Comment. Why should we, as an educated public, support a solution to which we did not contribute, and legislation we cannot review and ponder? For more from FDR: The … [Read more...]
The Wall Street Crisis: I don’t get it
I need someone to explain to me why spending hundreds of billions of dollars so that failing banks can prop up failing companies is a good thing for the economy. Wouldn't we be better off in the long run if we allowed credit to tighten and … [Read more...]
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