Henry Paulson

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A Believer in Hands-Off Now a Defender of Hands-On

Treasury chief Henry Paulson has turned to intervention to calm markets

(Newser) - Treasury Secretary Henry Paulson is in the midst of a reluctant about-face of his economic principles. The Los Angeles Times looks at how Paulson—a former chief executive at Goldman Sachs with a long history of faith in laissez-faire capitalism—has had to become the point man for the Bush...

Say Goodbye to the Reagan Revolution
Say Goodbye
to the Reagan Revolution
Jul 25, 2008 11:18 AM CDT

Say Goodbye to the Reagan Revolution

Leaders abandon deregulation for a hands on approach

(Newser) - The Reagan Revolution, which ushered in a quarter century of deregulation, looks as if it's taken a stake in the heart, the Wall Street Journal reports. The Fed is offering tens of billions in emergency loans to failing banks, the SEC wants more power to regulate financial institutions, and the...

In Switch, Bush Will Sign Bill Overhauling Fannie, Freddie

Measure that would allow feds to insure $300B in mortgages expected soon

(Newser) - President Bush will support a housing package being considered in the Senate, the Wall Street Journal reports. Bush threatened to veto the bill, which includes as much as $300 billion of insurance for Fannie Mae and Freddie Mac, but decided, given market turmoil, that now “is not the time...

Tab for Fannie, Freddie Bailout Pegged at $25B

But chance better than 50% feds won't need to step in: budget office

(Newser) - A federal bailout of Fannie Mae and Freddie Mac will cost $25 billion, the Congressional Budget Office said today, but there’s a better than 50% chance no rescue will be needed. The plan sought by Treasury Secretary Henry Paulson would extend an unlimited line of credit to the government-sponsored...

Economic Recovery to Take Months: Paulson

But banking remains 'safe and sound'

(Newser) - Henry Paulson sought to reassure Americans today that US banking is "sound" despite a growing list of troubled banks, Reuters reports. He also said the economy will stay slow for months, but expressed confidence that Congress will shore up Fannie Mae and Freddie Mac before summer recess. "Congress...

'No Immediate Plans' to Prop Up Freddie/Fannie: Paulson

Bernanke gives gloomy outlook for rest of 2008, but raises growth forecast

(Newser) - The US government won't be lending capital to Fannie Mae and Freddie Mac in the near future, Treasury Secretary Henry Paulson told a Senate committee today. "There are no immediate plans to access either the proposed liquidity or the proposed capital backstop,'' Paulson said, and any lending to...

Paulson's Imprimateur on Freddie/Fannie Rescue

Madcap weekend recasts Treasury Secretary in Clintonian mold

(Newser) - Henry Paulson had a very busy weekend. The treasury secretary had been formulating contingency plans for bailing out beleaguered Fannie Mae and Freddie Mac for weeks, but Friday’s crisis came before those plans were in place, the Wall Street Journal reports in a reconstruction of events leading to the...

Fannie, Freddie Edge Back From the Brink
Fannie, Freddie Edge Back
From the Brink
ANALYSIS
Jul 12, 2008 7:11 AM CDT

Fannie, Freddie Edge Back From the Brink

Panic eases after turbulent trading, but big test is yet to come

(Newser) - Fears of a collapse of Fannie Mae or Freddie Mac finally eased yesterday after a stomach-churning rollercoaster ride that saw a 50% nosedive for the mortgage giants in early trading, writes the Wall Street Journal. A week of panic, prompted in part by reports that the government was preparing rescue...

Mortgage Worries Stalk Stocks
 Mortgage Worries Stalk Stocks 
MARKETS
Jul 11, 2008 3:49 PM CDT

Mortgage Worries Stalk Stocks

Anxiety over Freddie, Fannie, plus higher crude, gives markets a bad day

(Newser) - The markets saw losses today, battered by continued worries over the solvency of mortgage guarantors Fannie Mae and Freddie Mac and a fresh spike in crude prices, MarketWatch reports. The Dow fell 128.48, to 11,100.54. The Nasdaq shed 18.77, closing at 2,239.08, while the...

Stocks Decline as Fannie, Freddie Fall, Oil Leaps

Market nears 11,000 for first time in two years

(Newser) - Stocks tumbled this morning as investors focused on troubles at mortgage companies Fannie Mae and Freddie Mac and watched oil prices climb further into record territory. The Dow fell more than 170 points and neared the 11,000 mark for the first time in two years. Investors seemed unimpressed by...

Lender Woes Keep Lid on Gains
 Lender Woes Keep Lid on Gains 
MARKETS
Jul 10, 2008 3:39 PM CDT

Lender Woes Keep Lid on Gains

Financials rally as outlook darkens for government lenders

(Newser) - The markets ended with modest gains today, led by a rally in financials despite continued anxiety over the future of Freddie Mac and Fannie Mae, MarketWatch reports. Treasury chief Henry Paulson and Ben Bernanke's call for greater regulatory powers encouraged investors. The Dow gained 81.58 points to 11,229....

Russian Prez: Stuff Your Advice, America

Medvedev complains 'depression-hit' US has no right to lecture

(Newser) - Russia's new president isn't any keener on foreign criticism than his predecessor, the New York Times reports. Dmitry Medvedev told reporters this week that the US, which needs to overcome an economic "depression," should not be criticizing his country's record on democracy and human rights. Medvedev said it...

Paulson Seeks Expanded Fed Powers

Treasury secretary says Fed role needs to be revised, upgraded to respond to risk

(Newser) - Treasury Secretary Henry Paulson today will urge Congress to broaden the Federal Reserve’s oversight role on Wall Street, giving it the authority to demand data from financial institutions to help prevent incidents like the Bear Stearns collapse. Any major change in regulatory authority would have to be approved by...

Chinese, Enjoying New Clout, Chide US on Fiscal Policy

Officials blast US over subprime crisis, falling dollar, foreign investment

(Newser) - As the US economy struggles and its own booms, China is reveling in its newfound self-confidence, blasting American fiscal policy, the New York Times reports, and flaunting its own regulatory successes. Chinese officials have recently taken the US to task over the subprime mortgage crisis, the weakening dollar, and “...

US Money Discriminates Against Blind, Court Rules

Treasury must make changes in paper currency, appellate body says

(Newser) - A federal appellate court agreed today with a lower court’s ruling that the US must change its paper money to accommodate the blind, who are unable to tell the current, single-size bills apart, the Washington Post reports. The court ruled that the bills violate the Federal Rehabilitation Act, rejecting...

Treasury Boss: Worst Is Over
 Treasury Boss: Worst Is Over 
May 7, 2008 2:45 AM CDT

Treasury Boss: Worst Is Over

Paulson says US emerging from storm

(Newser) - The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the...

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

(Newser) - Treasury is putting its rebate money where its mouth is—ahead of schedule, Reuters reports, with the first wave of checks going out Monday. “We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Henry Paulson tells Reuters. The Treasury secretary...

Skyrocketing Yuan Hits Benchmark

Chinese currency's strengthening against the dollar could boost US inflation

(Newser) - For the first time since China unpegged its currency from America’s in 2005, a dollar bought less than 7 yuan at closing today in Beijing, the New York Times reports. Western countries protested for years the yuan was undervalued; its meteoric rise means Chinese goods are getting more expensive...

Frank is Dems' Unlikely Lead Economy Dog
Frank is Dems' Unlikely Lead Economy Dog
Profile
Apr 10, 2008 11:37 AM CDT

Frank is Dems' Unlikely Lead Economy Dog

Mass. rep huddles with Paulson, Bernanke on housing measure

(Newser) - Democratic Rep. Barney Frank has become an unlikely power player in Washington’s “new economic trio” with Ben Bernanke and Henry Paulson, writes David Rogers in Politico. His pet plan—a “humongous housing deal” to steady an ailing market—might be a tough sell to the White House,...

'Tinker Bell Market' Fallout Wallops Taxpayers

Built on the fairy dust of borrowed money, Wall Street was doomed to fall

(Newser) - Although he doesn't foresee long-term catastrophe, Allan Sloan of Fortune sounds an alarm in today's Washington Post, saying he's "more nervous about the world financial system now than I've ever been in my 40 years of covering business and markets." He dissects "the collapse of a Tinker...

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