November 22, 2008 12:17:21 PM CST
(Newser) – The presidential candidates took a break from stumping today to visit Washington, DC, and support the Senate's financial bailout plan, the New York Times reports. Barack Obama repeated his pro-bailout argument on the Senate floor, saying that "the worldwide economy could be plunged into a very, very deep hole." He admitted earlier today that the plan was "not perfect," but necessary to "prevent a crisis."
John McCain sounded a similar alarm while stumping in Missouri, calling the credit crunch "the greatest financial crisis of our lifetimes" and likening the bailout to post-Sept. 11 legislation. "There will be a time to fix the blame for all that has happened," he said, "especially in the case of Fannie Mae and Freddie Mac, and the abuses and political deal making that corrupted them.”
Source New York Times
Nov 14, 08 8:35 AM CST Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need funds beyond the $100 billion previously earmarked for each of the firms before the end of the year. More »
Oct 27, 08 1:28 PM CDT Barack Obama and John McCain have sparred over the country’s income gap, but that gap is shrinking rapidly, Robert Frank writes in the Wall Street Journal. Financial crises always knock the rich down a peg, and this one is no different. One economist predicts the top 1%’s share of all income will fall to 18-19% during the next year, down from 23-24% last year. More »
Oct 27, 08 9:40 AM CDT America hasn’t been this eager for the new president to take over since FDR ousted Herbert Hoover, write John Brinsley and Edwin Chen for Bloomberg. Then, as now, an economic crisis heightened the urgency for a fast, smooth transition. And while Roosevelt rejected Hoover’s offers to work together on a rescue plan, there are signs that this year’s president-elect will work with Bush. More »
Oct 27, 08 7:47 AM CDT Fears of an anti-gun presidency and the threat of civil unrest in a worsening economic climate are fueling record sales of firearms and ammunition, the Washington Post reports. Sales have been climbing since 2006 and this year have shot past the average annual 5% increase to reach 10%, as gun advocates predict that some weapons may become illegal or heavily taxed under either presidential candidate. More »
Oct 13, 08 3:49 PM CDT Barack Obama detailed an economic rescue plan today that includes incentives for job creation and a federal credit line for state and local governments, the Toledo Blade reports. Playing to voters in hard-hit Ohio as he preps for Wednesday's debate, Obama said, "I won’t pretend that this will be easy. We’re going to have to attach priorities." More »
It took Congress a while, but they have awakened to the danger. And today, with the unity that this crisis demands, Congress will once again work to restore confidence and stability to the American economy. - John McCain
This is not a plan to just hand over $700 billion of your money to a few banks. If this is managed correctly, we will hopefully get most or all of our money back, every penny of which will go directly back to you, the investor. - Barack Obama
Barack Obama • Election 2008 • John McCain • Financial Crisis • bailout • Senate • Fannie Mae • Freddie Mac
