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NEWS ABOUT: Ben Bernanke

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Dow Drops 508 Points

Fed's attempts to help do nothing for equities in the short term

(Newser) - Stocks plummeted today, as actions by the Federal Reserve to prop up the commercial-paper market and hints of an interest-rate cut from Ben Bernanke failed to restore investors’ confidence, the Wall Street Journal reports. The Dow fell 508.39 to 9,447.11. The Nasdaq shed 108.08, closing at... More »

Stocks Sink as Bernanke Hints at Rate Cut

After early optimistic surge, Dow falls 300 points

(AP) - Federal Reserve Chairman Ben Bernanke warned today that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain. The Fed chief's gloomy assessment appeared to hint of an interest rate cut on or before the Fed’s next meeting later this month.... More »

The Crisis Dwarfs $700B

A US-centric band aid can't quell global markets as confidence plunges

(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem... More »

Fed Will Buy Up Short-Term Debt to Boost Credit

New plan to ease credit pushes the central bank toward a commercial bank role

(Newser) - The Federal Reserve today launched a new plan to buy up companies’ unsecured short-term debt in yet another effort to unfreeze the credit markets, the New York Times reports. Underscoring a sense of urgency on Wall Street as the crisis spread across Europe and Asia yesterday, the radical plan would... More »

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(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... More »

Fed Weighs Emergency Rate Cut

As economy deteriorates, inflation becomes less of a concern

(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the... More »

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

(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... More »

What Will Taxpayers Shell Out for All This?

Some bailouts are more risky, some less—and add up to $1 trillion

(Newser) - If a $700 billion federal bailout sounds like a lot, it is—but Washington will actually shell out $1 trillion in all of its present and proposed plans. Between Henry Paulson's plan, and bailouts of Bear Stearns, AIG, and Fannie Mae and Freddie Mac, the Wall Street Journal breaks down... More »

The GOP Plan: Less Regulation, Private Funding

Bush, Paulson, Dems reject conservative counterproposal

(Newser) - When John Boehner scuppered the nearly-sealed bailout deal at yesterday's meeting, the House minority leader proposed an alternative plan: a bank-financed insurance system that would rescue individual mortgages. Under the GOP proposal, the government would not buy up the toxic mortgage-backed securities at the heart of the crisis but instead... More »

Treasury Will Struggle to Value Mortgage Holdings

Analysts say US will need to be leery of truly toxic portfolios

(Newser) - When Treasury starts spending the $700 billion in bailout money it’s asking for, the big question is going to be how much to pay for assets that are toxic in part because no one can figure out what they're worth. The bundled and rebundled mortgage securities causing Wall Street... More »

Bush Pushes Bailout: 'Our Entire Economy Is in Danger'

(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... More »

Tentative Deal Emerges; Could Be in Place by Monday

(Newser) - Senate Democrats say they struck a tentative deal with Henry Paulson this evening that could lead to bailout bill tomorrow, debate over the weekend, and approval by the time markets open on Monday, the Hill reports. Senators emphasize the framework could easily fall apart, but they say that Paulson agreed... More »

In Terms We Can Understand: $700B = 12 Bill Gateses

Or, $2,300 for each of America's 300M average Joes

(Newser) - Ben Bernanke and Henry Paulson have been urging Congress the past two days to authorize the largest bailout in US history. Slate breaks $700 billion into smaller bites:
  • $2,300 per person (based on the US population of 300 million)
  • 12 Bill Gateses
  • 381 Hollywood blockbusters (Titanic made $1.8
... More »

Bush Will Address Public Tonight on Bailout

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... More »

Congress Wants More Taxpayer Guarantees

Amid dire warnings and political theater, sides inch closer to compromise

(Newser) - As opposition to the Bush administration’s economic bailout plan became more strident in both parties yesterday, officials began a major push to convince Congress a deal had to be approved quickly, the New York Times reports. The White House said the results of failing to reach an accord were... More »

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central... More »

Tough Sale: Paulson, Bernanke Can't Sway Critics

(Newser) - Henry Paulson and Ben Bernanke ran into a bipartisan buzzsaw of criticism and skepticism during a 5-hour pitch for their massive bailout plan on Capitol Hill today, the Washington Post reports. Afterward, Sen. Chris Dodd, the Democratic chair of the Senate's banking panel, flatly declared the plan "unacceptable."... More »

Without Bailout, Recession Likely: Bernanke

Markets in 'fragile condition,' Fed chair warns Congress

(AP) - Ben Bernanke bluntly warned Congress today that they risk a recession if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry. "The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said,... More »

Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism

(Newser) - Ben Bernanke and Henry Paulson implored Congress to swiftly pass a $700 billion bailout bill today, as they testified before the Senate Banking Committee. But there was an air of skepticism in the room. Chairman Chris Dodd’s introduction was noticeably prickly, and ranking Republican Richard Shelby was outright hostile,... More »

Stocks Creep Up at Open

All eyes watching Congress for bailout approval

(Newser) - Stocks moved slightly upward at the opening bell today, as investors anxiously watched Washington for bailout signals, the Wall Street Journal reports. The Dow rose 75 points at the open, with the Nasdaq and S&P both up more than 0.8%. The positive open follows a big drop yesterday... More »

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