“No way, no how, no bailout.”
Read his 6 reasons here .
[ jakerome / Flickr]
It’s not just Congress and the campaigns that are grappling with Treasury Secretary Henry Paulson’s $700 billion bailout proposal — citizens are trying to digest it, too.
Yves Smith , a finance expert in New York City, is unhappy with many aspects of Paulson’s plan, but first and foremost he’s worried about its imperial mandate (thanks, Sue Salinger ):
[L]et’s focus on the aspect that should get the proposal dinged (or renegotiated) regardless of any possible merit, namely, that it gives the Treasury imperial power with respect to a simply huge amount of funds. $700 billion is comparable to the hard cost of the Iraq war, bigger than the annual Pentagon budget. […]
[H]ere is the truly offensive section of an overreaching piece of legislation:
“Decisions by the Secretary pursuant to the authority of this Act a...
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Treasury Secretary Henry Paulson speaks at the Fortune 500 Forum in Washington, Monday. Paulson says the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama …
Full Article > > ... more
Restoring the flow of credit to entrepreneurs - Los Angeles Times
Wall Street Journal Blogs
Restoring the flow of credit to entrepreneurs Los Angeles Times, CA - 7 hours ago By Cyndia Zwahlen The credit crunch looks like an espresso machine. At least it does to Michael McDonald, who is trying to open a coffee shop near UC Santa … Federal Credit Facility Aims to Thaw SBA Lending NJBIZ SCORE: Enjoy the upside of a down market by thinking outs... more
By J. Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a former Assistant US Treasury Secretary.
BERKELEY – For 15 months, the United States Federal Reserve, assisted by the financial regulators of the US Treasury, have been trying to make the macroeconomic consequences of the American mortgage-backed securities financial crisis as small as possible – trying, above all, to avoid a deep depression.
They have also had t... more
8:54: Okay, someone please please dial in because the hold music sounds so damn familiar but I can’t figure out what it is and it is killing me.
9:00: I’m still on hold
9:02: Yes, Stairway to Heaven ! And still holding
9:04 Michael Peace (?) takes the mic "this is very positive...we’ve worked hard with congress...it’ll be good...Neil from the treasury will go over how the warrants works and exec comp" ... more
Here is the whole thing:
http://online.wsj.com/public/resourc...ll20080928.pdf
Here’s a summary from the WSJ:
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit, which is vital t... more
WASHINGTON (MarketWatch)-Treasury Secretary Henry Paulson on Monday indicated that he might support a new approach to mortgage foreclosure mitigation, but he didn’t go so far as to back a proposal introduced by Federal Deposit Insurance Corp. chief Sheila Bair last month. Bair is seeking $24.4 billion of the federal government’s $700 billion Troubled Asset Relief [...]... more
Treasury Secretary Henry Paulson said Monday that he is still looking at new ways to stabilize the financial markets and stimulate the economy, including methods for lowering the number of foreclosures. Paulson, who will leave office early next year when the new presidential administration takes over, also noted that government actions taken to combat the financial crisis have made progress, though there is still much improvement that needs to be made.... more
[ mattkeefe / Flickr]
Here’s another perspective on technology and Campaign 08. Scott Chacon is a Bay Area computer programmer with an abiding interest in “open source politics” — which he defines as “the idea that openness and transparency through technology can improve our political system.” He put that idea to the test in his own 2006 bid for a Congressional seat; he didn’t win, but he learned some things.
In this 2008 campaign, Chaco... more
Farewell, Fair Tax From: feeds.feedburner.com Post Date: 2008-03-05 16:19:50
[ trialkat / Flickr]
This picture by trialkat was taken at a Fair Tax rally in Jacksonville, FL, where Mike Huckabee played his bass. The boy is holding a dollar bill autographed by Huckabee, and the photo seemed a fitting adieu to the candidate, who, after last night’s primaries, conceded the GOP nomination to John McCain. This leaves all hopes of abolishing the IRS in the hands of Ron Paul .
It also saddles Ron Paul with responsibility for the evolution/creation debate... more
[ Litandmore / Flickr]
[ Litandmore / Flickr]
John McCain clinched the Republican nomination last night, but the buzz belonged to Hillary Clinton for winning Ohio, Texas, and Rhode Island.
Ohio blogger The Critic explains the vote he cast for Clinton yesterday:
Today I was up by six thirty, dressed by six forty, and out the door to vote in the Ohio Democratic Primaries. The sidewalks were so slick from the freezing rain, that I walked in the street. Our polling place w... more
A Vermonter and self-described “housewife and homeschooling mom” had this to say last night after watching the Vermont primary results on TV:
On the Channel 17 exit interviews, when asked what comment she would write on her ballot for her elected officials, if she could, one woman said, “I would tell them to get out of Iraq and try to do something with the economy.”
Funny, it is the exact opposite for me. I would tell them to get out of the economy and try to do something ... more
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