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NEWS ABOUT: bailout

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Stocks Climb Nearly 200 Points

Poor housing, durable goods goods data don't deter market's optimism

(Newser) - Stocks rallied this afternoon on news that lawmakers had reached a consensus on the Wall Street bailout plan, MarketWatch reports. Optimism proved infectious as GE rose 6.26% despite cutting an earnings estimate earlier today. The Dow climbed 196.89 points to 11,022.06. The Nasdaq gained 30.89... More »

Gamble Seals Mac's Presidential Appeal

Looking executive can benefit candidate far more than lip-flapping debate: Kristol

(Newser) - Senators and presidents have very different jobs—one debates and compromises, the other decides and acts. By suspending his campaign and heading to Washington, John McCain proves he’s a man of action, William Kristol writes in the Weekly Standard. The bold move might win over voters looking for the... More »

Bailout Standoff Brings Out Worst in Both Candidates

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... More »

McCain Casts Himself as Hero of Financial Crisis

Republican can only win by changing subject from policy to himself

(Newser) - In parachuting into Washington to "rescue" the $700-billion bailout for Wall Street, John McCain demonstrated again that he wants to make the election about himself, not his politicies, writes Harold Meyerson in the Washington Post. With the beleaguered economy an area where Barack Obama is seen as stronger, McCain... More »

We Don't Really Need a Bailout

With investment banks dead, the point of this is ... what, exactly?

(Newser) - Now that all the big investment firms are no more, why exactly do we need a bailout? Paulson’s plan involves buying assets that are illiquid, but not worthless. “But regular banks hold assets like that all the time,” writes James Galbraith in the Washington Post. “They’... More »

Lawmakers: We Have a Deal

Dodd touts 'fundamental agreement' ahead of meeting with Bush

(Newser) - The bipartisan group of legislators working on either a Wall Street bailout or a rescue package has reached "a fundamental agreement on a set of principles," Senate Banking Committee Chris Dodd said today. Racing to make a deal before a scheduled 4pm meeting at the White House, the... More »

Washington Wants to Know Who Replaces Hank

Successor for Treasury Secretary a major question in bailout debate

(Newser) - With the Treasury Secretary looking to get $700 billion to spend on the bailout, Washington is starting to focus on who might replace Henry Paulson when a new administration takes over in January, the Post reports. Neither candidate has given in to requests for names, but speculation has centered on... More »

Bailout Pact Appears Near

Consensus emerges ahead of candidate meeting

(Newser) - Congressional leaders seem close to an agreement on the bailout bill, following a flurry of late-night activity, the Wall Street Journal reports. Democrats want to have all their ducks in a row before Barack Obama and John McCain meet with President Bush this afternoon, to ensure McCain gets no credit... More »

For Buffett, Goldman Deal Was a Snap

But if Congress doesn't pass Treasury's bailout, he'll 'get killed'

(Newser) - Billionaire Warren Buffett has been getting a lot of calls lately from struggling Wall Street firms looking for a savior, from Bear Stearns to Lehman Brothers to AIG. He’s turned them all down, the Wall Street Journal reports, but when Goldman Sachs called Tuesday, the Oracle of Omaha ponied... 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 »

Eyes on DC, Stocks Lift at Bell

GE's cut estimates can't keep market down

(Newser) - An estimate cut from GE couldn’t keep the markets down this morning, as bailout optimism drove the Dow up 88 points, with the Nasdaq and S&P each raising 0.7%, the Wall Street Journal reports. GE slumped 4% premarket after cutting its third-quarter estimates, and predicted that “... More »

McCain Gamble Forces Both Noms' Hands

But especially his own: will he look presidential or reckless?

(Newser) - John McCain’s dramatic suspension of his campaign has propelled himself and Barack Obama to positions of leadership in the financial crisis, writes Michael Cooper in the New York Times, ending their attempts “to float above” the bailout. But now, as members of their parties look to them, their... More »

Candidates Will Huddle With Bush on Bailout

Hopefuls headed to DC today to discuss 'flawed' $700B rescue

(Newser) - Both presidential candidates will meet with George W. Bush for talks on the proposed $700 billion bailout of financial firms today, CNN reports. John McCain and Barack Obama released a joint statement on the financial crisis last night, agreeing that the plan was flawed but that "the effort to... More »

Hillary: Bailout Must Help Homeowners

Wants federal company to buy bad mortgages, address root causes

(Newser) - As Congress debates the terms of the $700 billion bailout, Hillary Clinton warns in a Wall Street Journal op-ed that "this is not just a financial crisis; it's an economic crisis." For the New York senator, any federal action has to tackle the underlying causes of the turmoil—... More »

McCain Move 'Desperate', Say GOP Strategists

Nominee gets public support, but private views are scathing

(Newser) - Republican leaders are publicly praising John McCain's decision to suspend his campaign and seek a postponement of this Friday's debate because of the economic crisis. But off the record, GOP strategists have been scathing about their nominee's latest surprise move. One Republican told the Washington Post it was "desperate... More »

House OKs $25B Detroit Rescue

Package of low-interest loans aims to prop up staggering auto industry

(Newser) - The House has approved a $25 billion lifeline to Detroit's battered auto industry, the Detroit Free Press reports. The package of low-interest loans to help automakers switch to manufacturing more fuel-efficient vehicles is expected to be approved by the Senate today and signed by the president soon after. Michigan lawmakers... 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 »

Obama: Friday's Debate Should Go On

He disagrees with McCain on need for postponement

(Newser) - Barack Obama disagrees with John McCain and says "it's more important than ever" to hold the first presidential debate Friday, CNN reports. Obama spoke soon after McCain called for a postponement, announcing that he was suspending his campaign to return to Washington and work on the financial bailout. So... 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 »

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