Any question as to whether the government was going to use its powers to directly prop up failing financial institutions will soon be eliminated. According to Bloomberg: U.S. Treasury Said to Invest $125 Billion in Major U.S. Banks The Bush administration will invest about $125 billion in nine of the biggest U.S. banks, including Citigroup [...]
A long, but worthwhile explanation on where we are…and why the bailout was necessary. Thx to ADK. Some highlight Buffett-isms from the video: I would rather be approximately right than precisely wrong This is truly an economic Pearl Harbor. The patient on the floor in cardiac arrest is not Wall Street, it is the American [...]
So the Senate passed the bill…kind of. They passed a bailout plan, but they also included a load of pork along with the bill. Although arguably not a bad development, the fact that a website called “Treehugger.com” is blogging about the fact that this bill has a tax credit for plug-in vehicles shows you how business really gets [...]
Stop pointing fingers. A friend of mine asked me tonight: didn’t you tell me you were against a bailout a few weeks ago? The reality is: Yes, I was against a bailout of any kind until Congress proved they were capable of coming up with a reasonable compromise in the context of a very dire [...]
As all of you are now aware, the proposed bailout Bill did not pass. Here are some thoughts on what was a difficult day in many ways…even on a day like today, though, there were good moments for all of us. I hope we can focus on these moments rather than on the negative. I [...]
Mr. Bernanke says he wants to hold the securities purchased in the bail out until maturity, but how much will they be worth at that point? Via Bloomberg: Paulson, Bernanke Put Bank Aid Ahead of Best Deal “I am not advocating that the government intentionally overpay,” Bernanke told the Joint Economic Committee today, in response [...]
Rather than trying to fit all of my thoughts into a blog post, I took a shot at creating a video blog post explaining where we are in the crisis, reiterating what I see as the causes and where we should go from here. addthis_url = ‘http%3A%2F%2Fparanoidbull.com%2F2008%2F09%2Fthe-crisis-where-are-we-today%2F’; addthis_title = ‘The+Crisis%3A+Where+Are+We+Today%3F’; addthis_pub = ”;