Posts Tagged ‘bailout’

Thank you, Senator Dodd! Senator [Dodd] rips auto industry | CNN Money

Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans | Consumerist

Wall Street Hoped They’d Be “Wealthy And Retired” Before The House of Cards Fell | Consumerist

After The Bailout AIG Bought Themselves A $440,000 “Retreat” At A California Resort | Consumerist

This American Life has done two excellent shows to help ordinary folks like you and me understand the morass that is the U.S. economy.
A few months ago, in The Giant Pool of Money, Ira Glass and his crew explained the link between the housing crisis, the turmoil on Wall Street, subprime lending, and more. Follow [...]

“Dow suffers worst weekly performance since the week after 9/11 attacks, as investors remain fearful about the economy.” Stocks slump despite bank rescue | CNN Money

Too little, too late. Mortgage forgiven for woman who shot self | CNN

Dennis Kucinich, before voting against the bailout: “This bill does nothing for the Addie Polks of the world.” Woman, 90, shoots self inside foreclosed home | CNN (via Credit Slips)

It’s official. Both houses of Congress have now passed what must surely be one of the most pork-laden bills in U.S. history: the Wall Street welfare bill of 2008. Or the bailout, whichever you like. House passes bailout | CNN

With all the campaign rhetoric flying around as Congress scrambles to rescue its biggest campaign contributors, it is easy to lose focus on the underlying problem: how did we reach a point where Wall Street fat cats determine the stability of our country and the economic prosperity of regular Americans?
When the stability of Wall Street [...]

Senate Passes Bailout Plan; House May Vote by Friday | New York Times

This may be the first time in history that I agree with Michele Bachmann over Keith Ellison. Bailout package: How the Minnesota delegation voted | City Pages Blotter

Bailout bill fails; Dow plunges | CNN

If you were a Washington Mutual customer yesterday, you are a Chase customer today. JP Morgan Chase bought up most of WaMu’s accounts in the biggest bank failure in history. Expect the stock market to limbo to new, lower heights today.
What will happen if you are a WaMu customer? Here is what Chase has to [...]

“The FDIC centers its approach on reducing monthly payments (principal, interest, taxes and insurance) to 38 percent of household income. It works with the first mortgage and with people who are delinquent or approaching a higher interest rate. It’s not charging fees or late charges.
On average, borrowers with modified loans are saving $430 a month, [...]

In depth analysis of the bailout plan: “The chairman of the Federal Reserve and the treasury secretary give Congress a gloomy prognosis for the economy, and propose a drastic remedy.” The doctor’s bill | The Economist (Thanks, Greg!)

Q&A: How bailout affects consumers | startribune.com

George W. Bush wants to use $700 billion of taxpayers’ dollars to give loans to corporations bogged down by bad debt. Most Americans seem to think this is a terrible idea. Should we, the American taxpayer, invest in the same zombie debt that is leading companies down the road to bankruptcy?
R. Kidd of North Carolina [...]

Rather than allow the economy to collapse under its own bloated weight, then allow it to rebuild itself after putting smarter regulations in place, the U.S. government plans to take on billions in bad debt in a massive bank bailout.
Here is the big joke that the government is telling to justify the plan:
The government would [...]

It’s official, the U.S. taxpayer is now buying bad debt by the billion. The Fed just decided to give insurance giant AIG an $85 billion loan to keep it solvent. Can governments declare bankruptcy?
U.S. Plans Rescue of AIG to Halt Crisis; Central Banks Inject Cash as Credit Dries Up | Wall Street Journal