bailout bill // Current TV

Recession proofing your relationship

Are you tempted to check your partner's Credit Report before taking the plunge?... more

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Recession proofing your relationship

Are you tempted to check your partner's Credit Report before taking the plunge?... more

Patience_34
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2 years ago
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Somewhere to focus your rage: The Dirty Dozen of the Bailout!

Meet the bankers and brokers responsible for the financial crisis - and the officials... more

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Obama promises not to give up on auto industry

"But we are committed to the goal of a re-tooled, re-imagined auto industry that... more

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Chrysler gets hit with $500 million tax bill

The Canada Revenue Agency has been trying to collect taxes from Chrysler Canada for... more

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U.S. auto industry says it needs $97.4 billion to live

That's the total you get when adding up the initial $25.4 billion that automakers... more

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Naomi Wolf - Give Me Liberty: A Handbook for American Revolutionaries

Naomi Wolf discusses the bailout and what to do in face of encroaching tyranny.

Libertas
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Bailout signed, now it's wait and see its effects

WASHINGTON (AP) -- Getting the financial rescue through Congress may have been the... more

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For bailout to work, housing market needs to mend

NEW YORK (AP) -- Washington's financial bailout plan is now law. So the credit... more

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Bush signs historic bailout bill

WASHINGTON (AP) -- With the economy on the brink and elections looming, Congress... more

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Support Rallied as House Readies for Its Second Bailout Vote

A tide of lobbyists representing corporate executives, small-business owners, farmers and retirees swamped Capitol Hill yesterday in hopes of pushing an emergency economic rescue plan through Congress, but the fate of the measure remained uncertain as the House prepared for a climactic vote at midday today
Leaders of both parties said they were optimistic that they would be able to marshal more support for the Bush administration's $700 billion bailout than they mustered on Monday, when the House delivered a shocking defeat to the measure and sent the Dow Jones industrial average plummeting 778 points, or about 7 percent.

The market's gut-wrenching reaction offered lawmakers a glimpse of the consequences they could face if they don't approve the bailout package. Since Monday, investors' angst over the fate of the legislation has contributed to a gloomy week on Wall Street. The Dow fell more than 3 percent yesterday, with losses extending beyond the financial services industry to include agriculture, construction and industrial stocks.
Meanwhile, indicators have shown the outlook for the economy to be bleak. Yesterday, the Commerce Department reported that orders for manufactured goods dipped 4 percent in August, the largest decline since October 2006. Last week, new claims for unemployment benefits jumped to a seven-year high.

Some analysts say the economy will not pick up until the middle of next year, even if the Bush administration succeeds on Capitol Hill today. And even if Congress approves the bailout, it may be too little, too late to unfreeze global credit markets. The package might not do much to help offset shrinking bank balance sheets or free up capital for nonfinancial companies, experts say.

Alarmed by signs of deterioration in the markets, the Senate on Wednesday rushed to approve a version of the plan revised to appeal to skeptical lawmakers, adding an array of tax cuts and a temporary increase in the cap on federal insurance for bank deposits. Federal regulators have eased accounting rules that some lawmakers say have crippled local banks. And the White House has called in shock troops from a long list of business and consumer groups whose members are sending a message to lawmakers that the financial crisis is real and hitting Main Street hard.

Yesterday, as a trickle of lawmakers declared that they would switch their "no" votes to "yes," House Speaker Nancy Pelosi (D-Calif.) said that she would not permit a repeat of Monday's chaotic scene and that she would cancel today's vote rather than watch the measure fail again.

"We're not going to take a bill to the floor that doesn't have the votes," Pelosi said. "I'm optimistic that we will take a bill to the floor."

A tide of lobbyists representing corporate executives, small-business owners, farmers... more

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Top 10 tax sweeteners in the bailout bill

The following are some of the top tax sweeteners in the Senate passed Bailout Bill.... more

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Wind and Solar Tax Credits Could Ride Into Law in Bailout Bill

Maybe the tenth time will be a charm. Last night was the tenth time since June... more

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Senate passes $700B rescue; House votes lured

WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.

The measure didn't cause the same uproar in the Senate, where both parties' presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast "aye" votes, as did Obama's running mate, Sen. Joe Biden of Delaware.

In the final vote, 39 Democrats, 34 Republicans and independent Sen. Joe Lieberman of Connecticut voted "yes." Nine Democrats, 15 Republicans and independent Sen. Bernie Sanders of Vermont voted "no."

President Bush issued a statement praising the Senate's move. With the revisions, Bush said, "I believe members of both parties in the House can support this legislation. The American people expect and our economy demands that the House pass this good bill this week and send it to my desk."

The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.

Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday's 228-205 defeat. They were especially targeting the 133 Republicans who voted "no."

Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.

They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.

There were worries, though, that the tax breaks would cause some conservative-leaning "Blue Dog" Democrats who voted for the rescue Monday to abandon it. The bill doesn't designate a way to pay for many of the tax cuts, and Blue Dogs typically oppose any measure that swells the deficit.WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry... more

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Revised Bailout Bill Passes Senate

It is a yes for a $700 billion financial bailout bill in the United States Senate.... more

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Fed Pumps Further $630 Billion Into Financial System

The Federal Reserve will pump an additional $630 billion into the global financial... more

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Investors give $700B rescue plan ho-hum reception

NEW YORK---- Financial markets were subdued in early trading Sunday night after congressional leaders said they are poised to pass a $700 billion rescue plan for banks, brokerages, credit unions, thrifts and insurance companies.

Failure to reach an agreement would have led to severe market disruptions, analysts said. But even if investors did dodge a bullet and credit markets start to stabilize, the realities of a weak economy are likely to weigh on markets, they said.

''When you start thinking of the broader issues, a lot of this is very troubling,'' said Joseph Battipaglia, chief investment officer at Ryan Beck & Co. ''We have in front of us a recession in the general economy, the consumer is dramatically retrenching their habits by cutting spending, and our financial system has sputtered. This isn't necessarily a confidence builder because now everybody knows how precarious the financial system really is.''

In electronic trading Sunday night, futures on the Dow Jones industrial average, Standard & Poor's 500 index and the Nasdaq 100 all rose about 0.1 percent. The dollar recovered moderately against currencies such as the pound, euro and yen. The yield on three-month Treasuries fell slightly to 0.81 percent in Sunday night trading, an indication that flight-to-quality fears remain high.

The plan would allow the government to buy toxic mortgage-backed assets from embattled financial institutions, giving them fresh cash to bolster lending. It would permit the Treasury to immediately spend $250 billion to buy banks' risky assets, provide another $100 billion at the discretion of the president, and a final $350 billion unless Congress has a change of heart and the president decides not to veto the decision.

Even if the bailout is passed -- the House votes on Monday, and the Senate later this week -- the economy remains balanced on the edge of a recession. Unemployment has been rising; it's now at a five-year high of 6.1 percent and is expected to rise as high as 7.5 percent by late 2009.

With worries running high about recessions around the world, global stock market volatility should remain elevated. And while anxiety about the financial institutions could keep boosting demand for Treasury bills, pushing short-term rates down for U.S. government debt, a glut of new issues with longer maturities that must be sold to finance the rescue plan could weaken the dollar over time.NEW YORK---- Financial markets were subdued in early trading Sunday night after... more

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Bailout Plan in Hand, House Braces for Tough Vote

WASHINGTON — The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

The 110-page bill, intended to ease a growing credit crisis, came after a frenzied week of political twists and turns that culminated in an agreement between the Bush administration and Congress early Sunday morning.

The measure still faced stiff resistance from Republican and Democratic lawmakers who portrayed it as a rush to economic judgment and an undeserved aid package for high-flying financiers who chased big profits through reckless investments.

With the financial package looming as a final piece of business before lawmakers leave to campaign for the November elections, leaders of both parties in the House and Senate intensified their efforts to sell reluctant members of Congress on the legislation.

All sides had to surrender something. The administration had to accept limits on executive pay and tougher oversight; Democrats had to sacrifice a push to allow bankruptcy judges to rewrite mortgages; and Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt.

Even so, lawmakers on all sides said the bill had been significantly improved from the Bush administration’s original proposal.

The final version of the bill included a deal-sealing plan for eventually recouping losses; if the Treasury program to purchase and resell troubled mortgage-backed securities has lost money after five years, the president must submit a plan to Congress to recover those losses from the financial industry. Presumably that plan would involve new fees or taxes, perhaps on securities transactions.

“This is a major, major change,” Speaker Nancy Pelosi said on Sunday evening as she declared that negotiations were over and that a House vote was planned for Monday, with Senate action to follow.

The deal would also restrict gold-plated farewells for executives of companies that sell devalued assets to the Treasury Department.

President Bush called the measure “a very good bill” and praised Congressional leaders. “This plan sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system,” Mr. Bush said in a statement. “Without this rescue plan, the costs to the American economy could be disastrous.”
WASHINGTON — The House braced for a difficult vote set for Monday on a $700... more

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Obama, McCain give measured support for bailout

WASHINGTON (AP) -- Democrat Barack Obama and Republican John McCain on Sunday gingerly embraced a newly negotiated congressional deal for a $700 billion bailout of the hobbled financial industry.

"This is something that all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option," McCain said. Obama said he was inclined to back it "because I think Main Street is now at stake."

True to form after a week of posturing, both campaigns sought to take at least partial credit for the outcome. Obama said McCain did not deserve any pats on the back.

"Here are the facts: For two weeks I was on the phone everyday with (Treasury) Secretary (Henry) Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill," Obama said in an interview on "Face the Nation" on CBS.

McCain said the latest version of the plan meets his insistence of an oversight body to monitor the treasury secretary and limits the compensation of executives of financial institutions applying for loans.

"Let's get this deal done, signed by the president, and get moving, because the real effect of this is going to restore some confidence, and get some credit out there, and get the economic system moving again, which is basically in gridlock today," McCain told "This Week" on ABC.

The measure would allow the government to buy defaulted mortgages and other distressed housing-related assets, many of them held by Wall Street banks, in an effort to keep the worst financial crisis since the Great Depression from spreading throughout the entire economy.

Obama predicted quick passage of the measure, which he said contained important consumer-friendly provisions he had supported. "Today, thanks to the hard work of Democrats and Republicans, it looks like we have a rescue plan that includes these taxpayer protections," Obama said in remarks prepared for a Detroit rally. "And it looks like we will pass that plan very soon."

McCain made a show on Wednesday of "suspending" his campaign to return to Washington to help negotiate terms of a bailout agreement. He initially suggested that Friday's presidential debate be postponed if no deal was struck. But his campaign ads continued to air and McCain attended the debate even though there was no deal.

While McCain is not on a Senate committee involved with the financial crisis, he said Sunday he rushed back to Washington because he was not going to "phone in" his advice.

"I'm a Teddy Roosevelt Republican. I've got to get in the arena when America needs it," McCain said.WASHINGTON (AP) -- Democrat Barack Obama and Republican John McCain on Sunday gingerly... more

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Mortgage help for bankrupt homeowners dropped

House Democrats say the idea of letting judges rewrite mortgages to help bankrupt... more

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3 years ago
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