A Billion Here...

(Newser) - The impending bailout of beleaguered Wall Street behemoths should give the taxpaying public some protection and accountability, writes EJ Dionne Jr. in the Washington Post . The deal should allow the government to claim a stake in financial firms that make money from the bailout, giving taxpayers the chance to reap some rewards in exchange for taking such a large risk. More »

(Newser) - Economists mostly agree that the financial situation is so dire that a bailout is needed, but many are skeptical about the one proposed. One of the biggest problems is the lack of punitive measures against the reckless, fat-salaried financial bosses who created the mess in the first place, experts tell the New York Times . More »

(Newser) - In an instant, the Treasury’s bailout plan has gone “from invisibility to inevitability,” but it’s a dangerous scheme marketed under false pretenses, writes Sebastian Mallaby in the Washington Post . Whatever the administration says, this isn’t like the 1989 savings-and-loan cleanup, which set up an entity to sell off loans the government was already stuck with. The White House now proposes to "buy up bad loans before the lenders go bust," making it a “financial war of choice.” More »

(Newser) - In a memo to Morgan Stanley employees, CEO John Mack fumed that the investment bank was being attacked "by fear and rumors, and short sellers are driving our stock down." Today, following similar action in the UK, the SEC banned short selling of 799 financial companies to stem sliding prices. But while short sellers may be vultures, they aren't fools: generally, writes Time , a company's stock get shorted when it's already in trouble. More »

(Newser) - The CEOs of US auto giants seem to have convinced some in Congress they, too, need billions in federal loans, the Detroit Free Press reports, though it’s uncertain if they’ll get the $25 billion they’re asking for. High oil and commodity prices and tightened credit threaten jobs in an already ailing industry, the heads of General Motors, Ford, and Chrysler told lawmakers yesterday. More »

(Newser) - The cr