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Fed: Swan to pursue global action with Paulson, Bernanke

Article from: AAP General News (Australia) Article date: November 10, 2008

AAP General News (Australia)
11-10-2008
Fed: Swan to pursue global action with Paulson, Bernanke

CANBERRA, Nov 10 AAP - Federal Treasurer Wayne Swan says he will continue to pursue
coordinated global action to deal with the financial crisis when he meets the chiefs of
the US Federal Reserve and Treasury today.

Mr Swan, who was in Brazil last weekend for the Group of 20 gathering of finance ministers
from the world's top industrialised and developing nations, will hold further meetings
in New York and Washington ahead of the G20 leaders' meeting later this week.

Prime Minister Kevin Rudd ...

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Bailout Won't Bail Out Bernanke

Posted Oct 6, 08 2:42 PM CDT in Politics,  Business,  Opinion 

Bailout Won't Bail Out Bernanke
Source: AP Photo/Charles Dharapak

(Newser) – The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense as expecting that the "citizens of Pompeii will repay their mortgage loans" and calls on Ben Bernanke to step up.

Carroll points out that "buying the worthless rights to the Vesuvian mortgages for $0 would do nothing to restore the Bank of Rome to health." After blasting away at Hank Paulson (Nero, in this scenario), he points out that "some important voices have been keeping mum because of our profession’s well-justified confidence in" Bernanke, and expresses hope that the Fed chairman will pacify his fellow economists sooner rather than later.

More about:  Financial Crisis • bailout • Federal Reserve • US economy • Henry Paulson • Ben Bernanke • Department of the Treasury • Treasury Secretary • Pompeii

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 Paulson Can't Sack AIG Execs 


Slate Slate Oct 10, 08 6:58 PM CDT
(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos in Slate. At least not technically. More »

More about:  Financial Crisis • bailout • recession • Henry Paulson • AIG • Department of the Treasury • financial meltdown • Treasury Secretary

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

New York Times New York Times Sep 30, 08 11:42 AM CDT
(Newser) - With yesterday’s failure of the $700 billion bailout, the Fed and Treasury are reconsidering their options, the New York Times reports. Fearful of cutting interest rates, they're back to rescuing struggling institutions on a case by case basis, and printing money—offering $150 billion in emergency loans to banks and $330 billion to foreign central banks yesterday. More »

More about:  Financial Crisis • bailout • Federal Reserve • credit crisis • Henry Paulson • Ben Bernanke • Treasury Department • banking industry

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

New York Times New York Times Sep 23, 08 6:58 AM CDT
(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in firms they bail out, and the White House wants flexibility. Some are demanding a cap on the pay of top executives whose firms are rescued. More »

More about:  Financial Crisis • Congress • bailout • Federal Reserve • credit crisis • subprime crisis • US economy • Ben Bernanke • Senate Banking Committee • John Paulson


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