financial crisis

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Gamble Seals Mac's Presidential Appeal
 Gamble Seals 
 Mac's Presidential Appeal  
OPINION
Sep 25, 2008 2:56 PM CDT

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...

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...

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...

We Don't Really Need a Bailout
 We Don't Really Need a Bailout 
OPINION
Sep 25, 2008 1:22 PM CDT

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’...

Lawmakers: We Have a Deal
 Lawmakers: We Have a Deal 
UPDATED
Sep 25, 2008 12:57 PM CDT

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...

'Gordon Gekko': Wall Street Isn't Wall Street

Actor Douglas deflects questions about financial markets

(Newser) - Questions from reporters apparently confused by the fantasy-reality divide forced Michael Douglas to explain yesterday that he isn't actually the investment banker he played in 1987's Wall Street. Although he won an Oscar for portraying "greed is good" proponent Gordon Gekko, he's not an expert on the current financial...

Bailout Pact Appears Near
 Bailout Pact Appears Near 
Sep 25, 2008 10:52 AM CDT

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...

For Buffett, Goldman Deal Was a Snap
For Buffett, Goldman Deal Was a Snap
Sep 25, 2008 10:29 AM CDT

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...

McCain Gamble Forces Both Noms' Hands
McCain Gamble Forces Both Noms' Hands
ANALYSIS
Sep 25, 2008 8:36 AM CDT

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...

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...

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—...

Rumors Spark Wild Run on Asian Bank
Rumors Spark Wild Run on Asian Bank
Sep 25, 2008 6:24 AM CDT

Rumors Spark Wild Run on Asian Bank

Panicked thousands rush to grab savings from Bank of East Asia

(Newser) - Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman...

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...

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...

Tentative Deal Emerges; Could Be in Place by Monday

(Newser) - Senate Democrats say they struck a tentative deal with Henry Paulson this evening that could lead to bailout bill tomorrow, debate over the weekend, and approval by the time markets open on Monday, the Hill reports. Senators emphasize the framework could easily fall apart, but they say that Paulson agreed...

Outlets Keep Luxury Stores Afloat

No frills, but great prices, greet customers at outlets, which are a growth sector

(Newser) - In a stagnant economy, luxury retailers are opening off-price outlet stores at a faster clip, drawing in customers with sale prices they’d never see at a flagship, BusinessWeek reports. Including such names as Saks, Nordstrom and Coach, a trend is emerging: While visits and sales at boutique stores are...

White House Caves on Golden Parachutes

Paulson bows to pressure from lawmakers opposed to bailout paydays for CEOs

(Newser) - The White House bowed on a crucial change in the $700 billion bailout today ahead of a speech tonight in which President Bush hopes to pull loudly resistant lawmakers on board. Republican officials said Henry Paulson agreed to demands from critics in both parties to limit the “golden parachute”...

Stocks Flat Amid Bailout Wait
 Stocks Flat Amid Bailout Wait 
MARKETS
Sep 24, 2008 3:25 PM CDT

Stocks Flat Amid Bailout Wait

Housing sales decline; Buffet boosts Goldman

(Newser) - Stocks swung between gains and losses today as the proposed financial bailout continued to dominate conversation but remained unsettled. The technology-rich Nasdaq was more insulated from the swings, and closed up 2.35 at 2,155.68. The Dow lost 29.00 to close at 10,825.17, while the...

Mac: Delay Debate to Focus on Economy

Republican says he's leaving the campaign trail to work on bailout

(Newser) - John McCain says he's directing his staff to work with Barack Obama's campaign and the debate commission to delay Friday's debate because of the economic crisis. In a statement today, McCain says he will stop campaigning after addressing Bill Clinton's Global Initiative session tomorrow and return to Washington to focus...

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
...

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