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NEWS ABOUT: bailout

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Mac Blames Bailout on Obama, Who Returns Fire

(Newser) - John McCain blamed Barack Obama and the Democrats for injecting partisan rancor into a House vote that killed the $700 bailout plan today, Reuters reports. They "infused unnecessary partisanship into the process," McCain said in Iowa. A McCain advisor went further, saying Obama had "failed to lead,... More »

5 Reasons Pols Dissed the Bailout

A bad sell, partisan wrangling, and an urge to be reelected led to bill's downfall: Pershing

(Newser) - House members were only given a chance to salvage the world economy—why do it? There are several reasons why 95 Democrats and 133 Republicans turned down Henry Paulson's $700 billion bailout plan, Ben Pershing writes in the Washington Post. The simplest? “A lot of members just didn't like... More »

Where US Consumers Can Turn Now

(Newser) - The failure of the bailout bill to clear the House has American consumers checking their retirement accounts, their wallets, and even their mattresses as they grapple with the implications of the worsening financial situation. With falling oil prices seemingly the only silver lining for the average consumer, MSNBC offers some... More »

Dow Falls 777 On House Vote

Biggest single-day drop in index's history

(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a... More »

Shocked Legislators Weigh Next Move

Discontent on both sides moved House to kill bailout

(Newser) - The efforts of Nancy Pelosi and John Boehner were not enough to quell a revolt within their parties that killed the financial bailout bill today. The bipartisan opposition to the bill reflected in the 228-205 vote—95 Democrats and 133 Republicans dissented—reflects liberal representatives’ unease with rescuing highly paid... More »

DC Trip Nets Mac Little More Than Muddled Campaign

Getting back on track may be hard after confusing few days

(Newser) - John McCain's insistence on rushing to Washington to involve himself in the bailout process left his campaign reeling, gave critics new ammunition, and widened Barack Obama's poll margins, Bob Drogin reports in the Los Angeles Times. The Arizona senator, who didn't help draft the plan and also skipped voting on... More »

House Debate Heated as Bush Pushes Bailout

But whether bill will pass remains up in the air

(Newser) - President Bush called on lawmakers this morning to support the hotly-contested bailout bill as the House began debate and leaders on both sides of the aisle counted defections, Politico reports. ““Every member of Congress and every American should keep in mind: A vote for this bill is a... More »

Paulson's Power Would Be Unprecedented

Some checks from Congress, but Treasury will hold the keys

(Newser) - Though its passage remains uncertain, the bailout bill would make Henry Paulson the most powerful mortgage financier in history, Peter Gosselin writes in the Los Angeles Times. Paulson got nearly everything he asked for; restrictions supposedly reining him in are little more than window dressing. Additions like the Democrats’ housing-relief... More »

Here Come the Peasants With Pitchforks

Meltdown, bailout provoke populist fury against Wall St., DC

(Newser) - The financial meltdown may have brought simmering economic resentments to a boil and prompted a populist backlash, writes Nina Easton in Fortune. Public opinion indicators—polls, calls to Congress—show widespread fury at the bailout. Long-building anger over growing economic inequality may have combined with disgust at the current crisis... More »

Managing Bailout Only Gets Trickier From Here

Government needs to move carefully, particularly on failing banks: experts

(Newser) - The Treasury’s bailout plan won’t end the economic crisis, Steven Lohr writes in the New York Times. It’s merely a first, costly step, and overseeing its workings will be a major undertaking for the next administration, as will assisting homeowners and crafting policies for a less credit-happy... More »

Hedge-Fund Exodus May Add to Woes

Deadline looms tomorrow for investors to bail from already-struggling market

(Newser) - Hedge funds are bracing for a major test of wills tomorrow, the deadline for investors to withdraw from the funds for the rest of the year, the New York Times reports. A spate of withdrawals could cause a cascade of flight from the $2 trillion industry, which has seen its... More »

Bailout Shows Nominees' Divergent Styles

Obama plays it cool while McCain takes big gambles

(Newser) - Last week's tumultuous negotiations over the federal bailout presented the two presidential candidates in their classic modes: John McCain the impulsive firebrand, Barack Obama the even-keel analyzer. Yet while Obama won praise from Democrats for his level-headed response, many Republicans worried about McCain's behavior, especially his insistence that SEC chairman... More »

Stocks Down Sharply Despite Bailout Deal

Wachovia failure sends markets downward

(Newser) - Stocks once again headed downward at the open this morning, as Wachovia’s selloff stoked fears that the bailout wouldn’t be enough to save financials. The Dow fell 275 points while the Nasdaq dropped 3.6% and the S&P fell 3.1%. “The Fed's bailout plan may... More »

Banking Jitters Send European Shares Down

Experts remain skeptical a $700 billion US bailout will ease credit woes

(Newser) - Investors drove share prices down across Europe and Asia as bank emergencies multiplied  and news of the $700-billion US bailout deal failed to loosen up frozen credit markets, reports Bloomberg. British mortgage lender Bradford & Bingley was taken over by regulators and a trio of European governments jumped in to... More »

Stumping McCain and Obama May Skip Bailout Vote

Both might be stumping in key states

(Newser) - Despite the heated campaign debate about the US financial crisis—and John McCain's emergency "suspension" of his campaign until a deal on the rescue package was struck last week—both John McCain and Barack Obama may skip the vote on the bailout, reports Politico. Neither camp has committed to... More »

House Votes on Bailout Package Today

Compromise deal still faces rough fight

(Newser) - The House votes today on the nation's largest government bailout, followed by the Senate as soon as Wednesday, the Washington Post reports. The bipartisan compromise would grant Treasury Secretary Henry Paulson broad latitude to purchase assets at any price from any firm. Free-market Republicans have dropped their opposition, but the... More »

Candidates Spar Over Bailout Credit

Obama strategist calls claim "little bit of fiction"

(Newser) - Both Barack Obama and John McCain claimed credit on the Sunday talk shows for ushering through the bipartisan bailout plan, Politico reports. The highlights:
  • “What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans,” GOP strategist Steve
... 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 »

US Dominance Is Dead

'Power is leaking from the US at an accelerating rate,' Guardian says

(Newser) - After decades of a scolding countries for irresponsible behavior, Uncle Sam has finally had his comeuppance, John Gray opines in the Guardian, concluding that “The era of American global leadership is over." Unable to silence Hugo Chavez, thwart Russian aggression in Georgia, appreciate Chinese fiscal practices, and halt... More »

Rep Warns GOP Opposition Could Sink Bailout Deal

House conservative hedges on support for plan

(Newser) - Even as Washington officials reached for the bubbly, a prominent House Republican warned that GOP lawmakers may not approve the bailout deal reached last night. “We are not ready to say that a deal is done,” said Virginia Rep. Eric Cantor, who has spearheaded efforts by House conservatives... More »

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