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Photograph of Treasury Secretary Henry Paulson, with Fed chairman Ben Bernanke, SEC chairman Christopher Cox and House Speaker Nancy Pelosi among others, by Lauren Victoria Burke/AP
The government took more steps to, hopefully, prevent more financial chaos in the financial markets. The NY Times characterizes the moves as "what could become the biggest bailout in United States history":
While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.Treasury Secretary Henry Paulson and Fed Chaiman Ben Bernanke met with Congressional leaders, as they would need to enact legislation to push this through. Some more details about the half a trillion dollar (or thereabouts) plan at CNBC.
The plans would include, per the Wall Street Journal, "mechanism that would take bad assets off the balance sheets of financial companies... a device that echoes similar moves taken in past financial crises. The size of the entity could reach hundreds of billions of dollars." USA Today says another is, for the next year, insurance for "holdings of eligible money market mutual funds."
A capital management executive told Bloomberg, "[Government officials] were just worn out and weary from the one-off situations they had to deal with, and finally came to the realization that it's a much more pervasive problem. Hopefully, this will give the trading desks the confidence to start making markets again." In other news, the SEC temporarily banned the short selling of 799 financial stocks, per the Times, "a move against traders who have sought to profit from the financial crisis by betting against bank shares."
All this news made stocks in Asia and Europe soar. Wall Street is headed for a big day as well, as futures are up.
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Isn't this how the Empire took over the galaxy in Star Wars?
So what exactly is this going to do in regards to real estate prices? I was responsible and didn't bite off more than I can chew, but the market is so overpriced that I still can't buy a place even with a good job (its not worth it at these prices).
??
So where's Bush been hiding out the past few days? Haven't seen him on the news at all. Typical.
Will the Gov't insist on a change of management for companies that accept this bailout? Preferably without a Golden parachute?
If not, this is simply a reward to failed management of companies.
He gave an address yesterday morning, didn't he?
Rich white people bailing out rich white people.
This is ridiculous. So destructive.
I'm too big to fail!! hehehe
Sure we can afford a half a trillion bail out. And a war half a world away. And permanent tax cuts!!!
This blows.
Wheres the Chinese? I thought they were going to show up with fistfulls of cash and buy America out?
Pure douchebaggery I say.
Public beheadings for the banking top brass I say.
You jack a $500 car they send you to jail. WTF?
so let's see, bear sterns was the BIGGEST bailout in history, then freddie mac was, then AIG, then this, and then banking....... Didn't I tell you guys months ago that DUBYA was Not Finished? This is just the tip of the Iceberg. It's just a stopgap measure. I guarantee that George Bush has something even GREATER in store for all of us. A going away present that will leave a mark eons after we are dead and buried.
His name is Robert Polson, uh, i mean Henry Paulson.
I hear ya, BH.
Drumbeats to Iran are nearing as the clock ticks to January.
This administration is treating the country like a rental car.
how about wiping out all federal college loans to kick start economy instead of bailing out rich assholes who will only screw us more?
I took a similar stupid risk going all in on advanced degrees with big hopes for the mythical jackpot only to realize no one wants to buy stock in intelligent people... where's my government bailout?
i can tell you if they wiped my education debt equivalent to a shitty little house.. i'd go buy a shitty little house! there's your housing crisis solution!
that's an idea. when collection agencies call on my student loan, I'll tell them to take it out of my AIG account. so that means, keep waiting, you're not getting anything.
Ph: Real estate prices are down in most of the country. They're not down in NYC because for some reason rich foreigners want to buy here. They buy in Manhattan, forcing semi-rich New Yorkers and incoming suburbanites elsewhere, like those silly ice-cube trays in now post-hip Williamsburg.
The current hyperbailout may actually decrease the money supply, as it's an indication that the managers of the system are desperate -- hence, private credit is going to dry up as people put their money into gold bricks or yen.
Um isnt this Socialism?
The demos can start a brilliant campaign painting republicans as communist traitors
the masses eat that crap up
no they dont.. cause thats liberal brainwashing.. its transparent!
nm the worse transparent consv shit.
I don't know about this. I thought aig was necessary but now the taxpayer is bailing out people who are guilty of malfeasence in a braod spectrum of financial houses. That is not how things are supposed tob work! Really I think the tax payer should allowed to see some heads roll here
I think a letter in the NYTimes summed it up for me:
To the Editor:
Dear Mr. Bernanke and Mr. Paulson:
My student loans are too big and it is hurting the economy. Can I have a bailout, please? I need $92,000.
Thanks.
Nathan Kottke
St. Paul, Sept.
17, 2008
Disgusting. The middle class pays for people on welfare and the rich people mistakes, wonder why there isn't going to be a middle class in the future anymore.
Either you're rich or poor.
GUTLESS BLUNDER
Where's the Wall Street pet these days
While the economy proves a clunker?
Bush the Bailout Baron's huddling
With Dick Cheney in a bunker.
privatized rewards and socialized risk. Gotta love it! The same yuppie fucks who would scream bloody murder and "FREE MARKET!!" any time a hint of regulation or taxation was mentioned, now go to Uncle Sam with hat in hand. Unreal.
throwcomputer:
You are on to something here. It's time for a Jubilee year, as described in the bible and that have been practiced for thousands of years.
There is too much debt, for everyone. It's time to erase all the debts and start over.
Jibbly:
I think a letter in the NYTimes summed it up for me:
To the Editor:
Dear Mr. Bernanke and Mr. Paulson:
My student loans are too big and it is hurting the economy. Can I have a bailout, please? I need $92,000.
Thanks.
Nathan Kottke
St. Paul, Sept.
17, 2008
this is what im talking about.. give me a bailout for the $140,000 in college debt ive got!
instead of writing to the NYT.. why not write to the feds!
here you go: ConsumerHelp@FederalReserve.gov
Where are the criminal investigations?
The Democrats have their hands all over this one, and since it is an election year, they just want this to go away quietly.
The alternative was a complete collapse of the financial system, a market brought down by short selling and panicked investors, trillions of dollars in pension funds and other public investment funds wiped away, a depression that could last for a decade, and you and I jobless and shivering in a cold winter. Any other questions?