The GOP Plan: Less Regulation, Private Funding

Money for Detroit isn't the 'purpose' of the bailout: Paulson

(AP) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy behind the rescue. More»

Despite differing reactions, solutions 'vaguely similar'

(NEWSER) - The financial crisis is turning the presidential campaign into a “Goldilocks story," Gail Collins writes in the New York Times. McCain, “desperately reinventing his position every day,” has halted his campaign to focus on Wall Street, while Obama has coolly mentioned he may skip out on the rescue bill vote. Yet, so far, their solutions are “both vaguely similar and similarly vague." More»

(NEWSER) - President Bush took to the prime-time airwaves tonight to warn that "our entire economy is in danger" and to push his administration's $700 billion plan to rescue it, CNN reports. "These are not normal circumstances," said Bush in explaining the need for sweeping government intervention. He said he understood Americans' reluctance to bail out the "excesses" of Wall Street but warned of a "long and painful recession" and "financial panic" if authorities take no action. More»

President aims to give lawmakers push on $700B plan, garner support

(NEWSER) - President Bush will address the nation tonight on the proposed $700 billion Wall Street bailout, CNN reports, in hopes a televised speech could sway reticent lawmakers into quick action. The 9pm EDT speech will come after a second day of Treasury chief Henry Paulson and Federal Reserve chair Ben Bernanke explaining the plan to Congress. More»

He and Bush say it's urgent to act now to stabilize markets

(NEWSER) - Henry Paulson confirmed today that he is working on a "bold" plan to buy bad loans from banks, the Wall Street Journal reports. Such a plan would cost taxpayers “hundreds of billions of dollars,” Paulson said, but he believes it is necessary to stabilize the economy. “The ultimate taxpayer protection will be the stability this troubled asset-relief program provides to our financial system,” he said. More»