credit market

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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...

The Markets Have Evened Out When ...
The Markets
Have Evened Out When ...
OPINION
Oct 6, 2008 9:14 AM CDT

The Markets Have Evened Out When ...

Analyst gives four signs of sanity to scan your tea leaves for

(Newser) - The main thing ailing the credit markets is a crisis of information, writes L. Gordon Crovitz in the Wall Street Journal, so it’ll probably end when we have some. Things may be looking up when…
  • Prices are discovered: Right now, there’s no demand for mortgage-backed securities, and hence
...

California, Out of Cash, Begs for $7B From Treasury

Cash-starved Calif, credit markets, may need bailout of its own

(Newser) - California is almost out of cash, Gov. Arnold Schwarzenegger warned the Treasury Department yesterday, and may need an emergency loan of up to $7 billion from the federal government, the Los Angeles Times reports. California is the largest of several states locked out of the bond market by the credit...

Depression, No&mdash;but That Lesson Is Vital
Depression, No—but That Lesson Is Vital
Analysis
Oct 1, 2008 4:20 PM CDT

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "...

GOP Is Brilliant at Blaming the Victim: Frank
GOP Is Brilliant at Blaming the Victim: Frank
OPINION
Oct 1, 2008 1:22 PM CDT

GOP Is Brilliant at Blaming the Victim: Frank

Conservatives can't admit deregulation has failed, says Frank

(Newser) - Even in a financial crisis obviously precipitated by an orgy of deregulation, writes Wall Street Journal columnist Thomas Frank, the right has done a spectacular job deflecting blame. Looking to point the finger at something other than "unbridled pecuniary motives," conservatives have targeted Democrat-friendly Fannie Mae and Freddie...

Stocks Open Down on Bailout Impatience
 Stocks Open Down on Bailout Impatience
MARKET
Oct 1, 2008 8:55 AM CDT

Stocks Open Down on Bailout Impatience

Volatile session could be forthcoming

(Newser) - Stocks started off on the wrong foot this morning as investors awaited smoke signals from Congress. The Dow dropped 122 points, while the S&P and Nasdaq fell 1.3% and 0.9%, respectively. The session is likely to be a volatile one, with the Senate’s expected bailout vote...

Views on the Meltdown From Across the Pond
Views on the Meltdown
From Across the Pond
OPINION
Sep 30, 2008 12:54 PM CDT

Views on the Meltdown From Across the Pond

How Europe, but mostly England sees the crisis

(Newser) - The banking crisis isn’t limited to the US—it’s a cross-continental phenomenon. Here’s what the British press saying about the mood:
  • France and Germany are livid, reports Charles Wyplosz of the Financial Times. There, individualism isn’t seen as a virtue, and free markets are greeted with
...

'Nihilist' House GOP Doomed US to Recession
'Nihilist' House GOP Doomed US to Recession
OPINION
Sep 30, 2008 12:00 PM CDT

'Nihilist' House GOP Doomed US to Recession

American leadership is 'scarcer than credit,' writes Brooks

(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project...

Debt Insurance Is What Crippled Wall St.
Debt Insurance Is What Crippled Wall St.
analysis
Sep 28, 2008 5:47 PM CDT

Debt Insurance Is What Crippled Wall St.

How credit-market swaps helped trigger the financial crisis

(Newser) - "Financial weapons of mass destruction,” Warren Buffet called them: credit default swaps. Pioneered by JP Morgan in the 1990s, these financial instruments were bought by banks as insurance that debts would be repaid. The innovation thrived until firms like AIG started defaulting on credit swaps that insured home...

Market to Congress: Time's Up
 Market to Congress: Time's Up 
OPINION
Sep 27, 2008 11:50 AM CDT

Market to Congress: Time's Up

New plans simply can't be negotiated in time

(Newser) - Henry Paulson’s bailout plan isn’t perfect, writes Joe Nocera in the New York Times, but we have to enact it anyway because time has run out. “With every passing day, Congress is fiddling while Rome is burning,” says Nocera, just last week a bailout opponent. Lawmakers...

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...

Hillary: Bailout Must Help Homeowners
Hillary: Bailout Must Help Homeowners
OPINION
Sep 25, 2008 7:09 AM CDT

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—...

Dear Iraq: It's Time to Step Up. Sincerely, W
Dear Iraq: It's Time to Step Up. Sincerely, W
OPINION
Sep 24, 2008 8:57 AM CDT

Dear Iraq: It's Time to Step Up. Sincerely, W

'Financial 9/11' calls for nation-building—at home, says Friedman

(Newser) - As America faces "a financial 9/11," what does the $1 trillion bailout mean for the country's other huge expense—the war in Iraq? Thomas L. Friedman plays ventriloquist in the New York Times, imagining President Bush telling Iraqi leaders that "you are now going to have to...

Bailout Talks Get Stuck on Executive Pay

Senate wants to rein in excesses, but lobbyists push back

(Newser) - As Washington continues to wrangle over the terms of the Wall Street bailout, one major sticking point has been executive pay packages, with many in Congress looking to punish CEOs seeking taxpayer aid. While lobbyists are pushing back hard, some kind of restraint on compensation seems unavoidable, reports the New ...

Paulson Outlines His 'Bold' Bailout
Paulson
Outlines His
'Bold' Bailout
Sep 19, 2008 10:10 AM CDT

Paulson Outlines His 'Bold' Bailout

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. “...

Cheer Up! Total Financial Market Meltdown Isn't All Bad

Five reasons to fiddle while Wall Street burns

(Newser) - For a dedicated silver-lining hunter like Michael Lewis, there are plenty of upsides to the total collapse of the US financial system. “A lot of attractive office space seems to be opening up in midtown Manhattan, for instance,” he writes in Bloomberg. Here are five other reasons to...

Goodbye Cheap Money, Hello Recession
Goodbye Cheap Money, Hello Recession
OPINION
Sep 18, 2008 10:06 AM CDT

Goodbye Cheap Money, Hello Recession

The end of easy credit marks a new era, writes Pearlstein

(Newser) - On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing...

Stocks Jump at Bell on Central Bank Cash

Dow up 140

(Newser) - Stocks surged at the opening bell this morning, as traders registered approval of the central banks’ move to inject $360 billion into global money markets. The Dow jumped 118 points, while the S&P and Nasdaq rose 1.6% and 2% respectively. “These joint interventions are welcomed by the...

WaMu Gets OK to Raise Capital as It Seeks Sale

Investor OKs share dilution as beleaguered bank looks for suitors

(Newser) - Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift from...

World Markets Mixed: 'Fasten Your Seatbelts'

US turmoil continues to roil world's market; central banks act to insure liquidity

(Newser) - A huge cash injection into global money markets by central banks and the buyout of British lender HBOS by Lloyds-TSB eased some investor worries and pushed European stocks slightly higher today, reports the New York Times. But concerns about the ongoing crisis in the US continued to batter Asian stocks...

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