The Mechanics of the Paulson Rescue Plan
Now that we’ve gotten through an ugly spasm of political theater and legislative sausage-making and enacted the Paulson rescue plan, it’s time to ask whether it’s working, and how we’ll be able to tell.As I’ve said before, there are two different crises in the financial world. We have an acute credit crisis that directly affects capital markets and is now in the process of creating | Read More »
Last night, the Senate approved the revised bill that implements the proposed plan to bailout (read ‘rescue’) the financial markets after an already long week and painfully drawn out past couple of weeks. Now, the bill will move on to the House for more political butchering of policy that is already late and less than top-notch quality.
The Other Bailout
A bounce in the markets yesterday was not unexpected after the day we had Tuesday, but many people were surprised to see the Dow jump 400 points. Many people chalked this up to the idea that the markets were already recovering from the plunge after the bailout was rejected, but this is because the majority of people didn’t realize fundamentally why the increases happened.
Bailout II: The Search for More Money
The Senate just passed the bailout plan by attaching it to an already passed bill and amending that. Hold still my beating heart; I thought things would get better after Monday’s vote. I thought I saw backbone in House Republicans.Lo and behold today the Senate actually passes the thing.But things are now worse.I’m not talking about the markets, they are better now than they were | Read More »
Congressional Phones and Emails Bombarded
The opposition to the Bailout Bill from voters/constituents keeps on growing. Forget the polls that show people are against the Bailout by a two to one margin–something else is even more significant than the polls.The phones of Congressional Representatives and Senators are ringing off their hooks, with people complaining that either no one answers them or they are put on perpetual hold. The American public | Read More »
, Financial Crisis
, Harry Reid
, House of Representatives
, John McCain
, Nancy Pelosi
, Paulson Plan
, Wall Street
I guess now is just as good a time as any to start this, especially as I have been hearing a lot of people throw around blame to a lot of different targets, yet I think some of the most deserving of the blame are going unnoticed. I’m really not trying to point fingers here, but as everyone wants to be a Monday morning quarterback, | Read More »
So, What is Plan B?
Now that the Paulson Plan has failed to pass the House (at least this time around) the question everyone seems to be asking is: Where do we go from here?
A Few More Points to Consider
Erick brought up a very pertinent discussion about the crisis emerging after today’s failed vote on the bailout package, in which he outlines a few points for readers to consider. I am not disagreeing with him, but I think the points require some further consideration. As such, I commented on some of these in the original post, but some had recommended to outline these items | Read More »
This is the state of mind I have been in since the votes came down short of approving the bailout package. This is a monumental day in our economy and our country. What we are witnessing now is the result of a chain of events that have been years in the making. Yet, where we are at today is not because of greedy Wall Street | Read More »
House Democrats Torpedo Bailout Bill
Nancy Pelosi failed to convince 94 Democrat members of the House of Representatives to vote for the $700 Billion Dollar Bailout Bill she and Harry Reid crafted. That should be the headline on the mainstream meadia news shows today.Of course, it will not be what will be said. House Republicans, John McCain, and George Bush will be blamed. Count on it. After all, Nancy Pelosi | Read More »
The House votes on the Financial Markets Plan
I’m watching live on C-SPAN as the vote happens. I watched as the votes came in, expecting that the yeas and nays would come in lockstep with bare passage the result of careful whipping.But no, we finally got down to a single Republican NV, 209-228 the result against. But even as members shout for the House to come to order, the vote is held open.Now | Read More »
A Tale of Two Bailouts: One From Paulson, and One From Congress
Well, the sausage factory worked overtime this weekend. What a bizarre result we got.Secretary Paulson came to Capitol Hill about ten days ago with a very simple, three-page plan to do something I could describe in three paragraphs.Congressional Democrats gave us over one hundred pages of additional weirdness that is either ineffectual, noxious, off the point, or will work against the goals of the original | Read More »
Tags: Barney Frank
, Ben Bernanke
, charles schumer
, Financial Crisis
, henry paulson
, Paulson Plan
, Troubled Asset Relief Program
, Wall Street
We are by no means ready for the post-mortem on the economic crisis yet, but the Wall Street Journal (and every other news outlet) has been reporting all day on the bailout negotiations on the Hill, and it looks as though a deal has been sealed, one way or another. As I was watching last night when House and Senate leaders from both sides of | Read More »
Why We Can’t Afford Market Failure
As I have been cross-posting between Redstate.com and my blog the past two days, there has been quite a bit of discussion on the economic crisis, which both excites and concerns me. One of the key comments I have been hearing from folks over there is that we should not do the bailout and instead should allow banks to fail. Now, let me be clear | Read More »
What If We Don’t Get A Bailout?
At this moment on Friday morning, Congress looks set to do… well, there’s simply no information to answer the question. Members of both parties appear to be just as frozen in place as the credit markets, deeply fearful of being tarred and feathered by angry voters if they pass the Paulson bailout plan.I’m going to leave aside the very interesting but not definitively-answered question of | Read More »