President Bush has announced a $250 billion plan buying stakes in US banks to restore confidence following in Europe’s footsteps, reports CNN .
Bush said the U.S. Treasury would invest as much as $250 billion into banks in return for shares. The money will come from the $700 billion bailout plan approved by Congress. The president made his statement in the Rose Garden of the White House after an early morning meeting with his economic advisers.
Watch him making the announcement on this BBC clip .
Of the $250 billion, half will be invested in nine big banks and the rest in smaller banks and thrifts, said the New York Times .
The US government will also temporarily guarantee lending between banks.
Bush said the Federal Deposit Insurance Corp will insure most new debt issued by banks and expand insurance to cover non-interest bearing accounts, reports Reuters .
“This new capital will help struggling banks," he said, allowing them to loan money to businesses.
B...
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A new ad released by Bjorn Borg reveals that the Swedish-born former tennis great is dedicated to providing “Love for All”:
The ad is a part of Borg’s newest mission, centered around an online dating service found on his website , which also houses his eccentric underwear-based clothing line.
Other campaigns found on his site include crank-calling paparazzi and a mission called “Peace on Earth” where Borg encourages you to send your old, “not sexy” underwear to your ... more
President Bush and first lady Laura Bush have bought a home in the Preston Hollow of Dallas where they will live after the president leaves office in January Read More......( read more ) ... more
“The biggest regret of all the presidency has to have been the intelligence failure in Iraq,” President Bush told Charles Gibson of ABC News. “A lot of people put their reputations on the line and said the weapons of mass destruction is a reason to remove Saddam Hussein.” So if the intelligence had correctly concluded that Iraq didn’t have WMDs, Gibson asked, would there have been a war? “You know, that’s an interesting question,” Bush said. ... more
How Big is this Bailout?
So far we have the $700 billion bank bailout, another $700 billion "stimulus package" proposed by President Elect Obama, and the $800 billion fund Treasury Secretary Henry Paulson has at his discretion, trying to jolt consumers into buying again.
These come on top of the $200 billion to keep Fannie Mae and Freddie Mac alive, the $140 billion (so far) lifeline for AIG, the $34 billion sustenance needed to save the big three auto makers, the $29 billion bailout of Bea... more
Report on $700B bailout plan has lawmakers from both parties revolting against Treasurys execution of package• WSJ: New Housing Plan May Target Interest Rates• FOX FORUM: Treasury Secretary Should Go, Now... more
Washington is dizzy with a bad case of bailout fever. Hundreds of billions of dollars have been dispensed by Treasury Secretary Hank Paulson without apparent success in reviving the financial markets. Now one Texas conservative is challenging Congress and the White House with a common-sense plan that is much more likely to help our economy recover more than bank bailouts or any handouts to carmakers.
Rep. Louie Gohmert (R-Texas), a member of the conservative House Republican Study Committe... more
This article is another in my series of articles about common mistakes that the average individual investor makes in their overall portfolio allocation. For these articles, I drew from the 20 years of experience I had at Charles Schwab in dealing with clients face-to-face and helping them meet their financial goals.
In previous articles, I wrote about two areas which were dramatically under-represented in most clients portfolios – commodities and international securities. There is... more
The US Treasury is working on a new plan to help revive the ailing housing market by reducing mortgage rates on new home loans, according to people briefed on the situation
... more
A puzzling comment From: caracommunity.com Post Date: 2008-12-04 08:39:50
In reply to Cara's Commentary & Community Chat, Thurs., Dec. 4, 2008 :
Bill: The other day, you wrote two sentences that I must have read about eight times. I wanted to respond but I waited a while, thinking that surely somebody else would chime in - somebody better informed than I am. Two days later, I'm still squinting when I think of it. So if you would, please help me (and others?) understand the following:
"What we don't need is for the US government to be doing ... more
Sen. Chris Dodd (WDCpix) Voluntary mortgage-reduction programs are insufficient to curb the spreading blight of national foreclosures, the head of the FDIC said Thursday, and the federal government should step in to help folks keep their homes. The Bush administration and the finance industry have long resisted proposals forcing lenders to modify the terms of mortgage loans. But appearing before a Senate panel, Shiela C. Bair, chairwoman of the Federal Deposit Insurance Corp., said that leavi... more
Regulators have shut down Los Angeles-based Security Pacific Bank, marking the 19th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of Security Pacific Bank. It had $561.1 million in assets and $450.1…
[...]... more
The Federal Deposit Insurance Corp.’s powers could be expanded if Congress decides to shift insurance companies from state regulation to federal regulation, FDIC Chairman Sheila Bair said Wednesday.... more
SPRINGFIELD, Ill. - Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans...
... more
Financial institutions in Singapore are expected to check a customer’s risk profile before selling investment products. But structured products – such as the Minibonds and High Notes which burnt a hole in the pockets of hundreds of Singapore investors — can be too complex for both buyer and seller to understand.
They were once sold only to sophisticated investors, says a paper published by Securities Litigation and Consulting Group (SLCG), a financial economics co... more
For any political junkie who wants his daily fix of the US presidential race, the go-to place is not the Huffington Post, not the Daily Kos, not the Drudge Report, but Real Clear Politics . Note that every one of them is a website. The 2008 election is a tipping point in American journalism, writes Financial Times editor Lionel Barber: “We are witnessing a shift in the balance of power towards new media…”
Bloggers and journalists –- both wannabes and ares:) –- will love this ... more
Singapore’s labour union chief and Minister in the Prime Minister’s Office Lim Swee Say has local bloggers chuckling. Speaking at a seminar on money matters on Saturday after Singapore slipped into recession, the minister touted the soundness of Singapore’s central provident fund (CPF) scheme, the local pension fund.
Channel NewsAsia reports he said:
"Every month, when I receive my CPF statement, I feel so rich and the best part is, I know the CPF money won’t run away.... more
The Sunday Times — sister to the Straits Times, which greeted the Singapore recession with the memorable headline, “Oh, what a week” — takes the rich Western nations to task for the economic mess. “Talk but where’s the action from G-7?” the Sunday Times asks today.
Excuse me, the Group of Seven (G-7) — the USA, Britain, Germany, Japan, France, Italy and Canada — has adopted a five-point plan. And the question in Singapore should be: Will the Singapor... more
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