financial crisis

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Raising Deposit Insurance May Save Bailout Package

Help for George Baileys could win over balky politicians

(Newser) - A plan to boost deposit insurance for bank accounts is gaining traction in Washington and could help rescue the rescue package, the Wall Street Journal reports. Community bankers have been pushing hard for a hike from the current $100,000 limit to $250,000. The move, which would also ease...

Senate Will Vote on Bailout Tomorrow

Effort to revive plan adds tax cut, raises deposit insurance

(Newser) - In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for tomorrow—but added a tax cut plan already rejected by the House. The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,...

Bloomberg Wants Third Term
 Bloomberg Wants Third Term 
Sep 30, 2008 4:10 PM CDT

Bloomberg Wants Third Term

Mayor aims to change NYC's term-limits law

(Newser) - New York insiders say Mayor Michael Bloomberg will attempt to change existing laws and run for a third term, the Times reports, with his announcement to come Thursday. After long supporting term limits, Bloomberg, 66, has softened, with the financial crisis seen as a significant motivator. If successful, Bloomberg would...

Dow Up 485 in Recovery Rally
 Dow Up 485 in Recovery Rally 
MARKETS
Sep 30, 2008 3:37 PM CDT

Dow Up 485 in Recovery Rally

But indices see big losses for September

(Newser) - Stocks surged toward the end of today’s session to recover much of yesterday’s losses, but still finished September down, the Wall Street Journal reports. The markets rallied on confidence that lawmakers would reach agreement on a bailout plan by week’s end, with the Dow up 485.21...

How Much Is Main St. Willing to Suffer to Punish Wall St.?

The economic hole is deep, and 'we're all in it together': Pearlstein

(Newser) - If people understood how bad the financial situation is, there would be less hostility toward the bailout, writes Steven Pearlstein in the Washington Post. Americans haven't owned up to having helped create the credit bubble that is now deflating, and Wall Streeters haven't owned up to their "greed, arrogance,...

Senate to Tweak Bailout —But not Much

Dissenting Dems, GOP want different changes

(Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for...

In Poll, More Blame GOP, Bush for Bailout Failure

90% worry economy will suffer more

(Newser) - A poll shows that 44% of Americans blame Republicans and 21% Democrats for the failed bailout, though a majority thought the plan didn't go far enough to protect the public, reports the Washington Post. Respondents were split on the bill: 45% were for it, 47% against it. Still, almost 90%...

'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...

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

(Newser) - With yesterday’s failure of the $700 billion bailout, the Fed and Treasury are reconsidering their options, the New York Times reports. Fearful of cutting interest rates, they're back to rescuing struggling institutions on a case by case basis, and printing money—offering $150 billion in emergency loans to banks...

Papers Frothing Over 'No' Vote

 Papers Frothing Over 'No' Vote 
OPINION
Sep 30, 2008 10:33 AM CDT

Papers Frothing Over 'No' Vote

Editorials mostly disparage Congress, Administration

(Newser) - As Monday’s “no” vote resounded down Wall Street, editorial writers across the country fired up their typewriters. Here’s what the country’s top papers are saying: 
  • Congress earned its 10% approval rating yesterday, the Wall Street Journal says, particularly Nancy Pelosi —“Tom Delay without
...

Voters Tanked the Bailout
 Voters Tanked the Bailout 
Sep 30, 2008 9:04 AM CDT

Voters Tanked the Bailout

Vulnerable members scurry away from unpopular plan

(Newser) - The bailout plan was defeated by a 1-2 punch from angry voters and special interest groups on both ends of the political spectrum, reports the Wall Street Journal. House members were overwhelmed into voting “no” by a flood of liberals crying elitism and conservatives shouting about the sanctity of...

Boehner Speaks Softly, Forgets the Stick

Minority leader is unable to deliver GOP votes on bailout

(Newser) - House Republican leader John Boehner was one of the biggest losers in yesterday's rout of the Wall Street bailout bill; his inability to deliver his party’s votes reveals the weakness of his position in the caucus, reports Politico. Boehner was unable to switch votes by leaning on wavering members,...

Bailout Vote Shows Bush's Power Waning
 Bailout Vote Shows 
 Bush's Power Waning 
analysis
Sep 30, 2008 6:56 AM CDT

Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

(Newser) - The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely on alarmist rhetoric—repeated dire...

European, Asian Markets Edge Up After Dive

US economic illness goes viral

(Newser) - Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down...

How to Protect Your Money
 How to Protect Your Money 
Sep 30, 2008 2:56 AM CDT

How to Protect Your Money

Insured accounts best bet as Wall Street tumbles

(Newser) - After the biggest single-day's loss in Wall Street's history, even Americans whose sole investment is a bank account are nervously scratching their heads. Here are some guidelines to the failed-bailout crisis from the New York Times:
  • What happens next? The market's deep dive may scare Congress into passing the bailout
...

Countdown to Failure: How Bill Unraveled

Stunned silence grips House after last vote

(Newser) - As members of the House of Representatives cast their ballots on the $700 billion bailout package yesterday morning—the negative votes piling up even as the market plummeted—the Los Angeles Times was blogging. Kicked off by Majority Leader Steny Hoyer's final words to the House—"The alternative is...

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,...

5 Reasons Pols Dissed the Bailout
 5 Reasons Pols
 Dissed the Bailout 
ANALYSIS
Sep 29, 2008 6:08 PM CDT

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...

Where US Consumers Can Turn Now
Where US Consumers
Can Turn Now 
Sep 29, 2008 5:39 PM CDT

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...

TV News Struggles to Explain Crisis Even as Ratings Surge

Networks see viewer interest in formerly esoteric financial instruments

(Newser) - TV news programs are grappling with explaining the financial crisis to an audience suddenly much more interested in business news, the New York Times reports. With CNBC seeing its highest ratings ever and CNN, Fox and MSNBC seeing bumps in recent weeks, news shows have put teams of business pundits...

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