Ben Bernanke

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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...

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
...

Bush Will Address Public Tonight on Bailout
Bush Will Address Public Tonight on Bailout
UPDATED
Sep 24, 2008 12:14 PM CDT

Bush Will Address Public Tonight on Bailout

President aims to give lawmakers push on $700B plan, garner support

(Newser) - President Bush will address the nation tonight on the proposed $700 billion Wall Street bailout, CNN reports, in hopes a televised speech could sway reticent lawmakers into quick action. The 9pm EDT speech will come after a second day of Treasury chief Henry Paulson and Federal Reserve chair Ben Bernanke...

Congress Wants More Taxpayer Guarantees

Amid dire warnings and political theater, sides inch closer to compromise

(Newser) - As opposition to the Bush administration’s economic bailout plan became more strident in both parties yesterday, officials began a major push to convince Congress a deal had to be approved quickly, the New York Times reports. The White House said the results of failing to reach an accord were...

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central...

Tough Sale: Paulson, Bernanke Can't Sway Critics

(Newser) - Henry Paulson and Ben Bernanke ran into a bipartisan buzzsaw of criticism and skepticism during a 5-hour pitch for their massive bailout plan on Capitol Hill today, the Washington Post reports. Afterward, Sen. Chris Dodd, the Democratic chair of the Senate's banking panel, flatly declared the plan "unacceptable."...

Without Bailout, Recession Likely: Bernanke

Markets in 'fragile condition,' Fed chair warns Congress

(Newser) - Ben Bernanke bluntly warned Congress today that they risk a recession if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry. "The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said,...

Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism

(Newser) - Ben Bernanke and Henry Paulson implored Congress to swiftly pass a $700 billion bailout bill today, as they testified before the Senate Banking Committee. But there was an air of skepticism in the room. Chairman Chris Dodd’s introduction was noticeably prickly, and ranking Republican Richard Shelby was outright hostile,...

Stocks Creep Up at Open
 Stocks Creep Up at Open 
MARKETS
Sep 23, 2008 9:14 AM CDT

Stocks Creep Up at Open

All eyes watching Congress for bailout approval

(Newser) - Stocks moved slightly upward at the opening bell today, as investors anxiously watched Washington for bailout signals, the Wall Street Journal reports. The Dow rose 75 points at the open, with the Nasdaq and S&P both up more than 0.8%. The positive open follows a big drop yesterday...

Wrangle Over $700B Bailout Heats Up
Wrangle Over $700B Bailout Heats Up
Sep 23, 2008 6:58 AM CDT

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in...

How You Know It's a Crisis: Oprah Is Bailer-Out-in-Chief

Culture11 lists top changes to look for in our new economy

(Newser) - How the Wall Street meltdown will affect our day-to-day existence, per Culture11:
  • Nation's emergency lender: Oprah.
  • Living in sin now OK; sharing a sleeping bag in tent city is new social scourge.
  • Cloning approved to allow for mass creation of Alan Greenspans.
  • Hipsters downgrade their booze from PBR to ethanol.
...

SEC Chair Cox Fiddled as US Markets Burned
SEC Chair Cox Fiddled as US Markets Burned
ANALYSIS
Sep 22, 2008 3:22 PM CDT

SEC Chair Cox Fiddled as US Markets Burned

'Exceedingly cautious' approach had Paulson looking to kill agency

(Newser) - With US markets in upheaval, the head of the watchdog Securities and Exchange Commission was preoccupied with a new technology for corporate filing, Bloomberg reports. Christopher Cox’s inaction has provoked bipartisan criticism: McCain adviser Carly Fiorina said he has been “asleep at the switch,” while Democratic Sen....

Bernanke, Paulson Put Fear of God Into Pols

Of meeting with officials, lawmaker says: 'We have never heard language like this'

(Newser) - Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the...

US Zeroes In on Sweeping Rescue Plan

(Newser) - The nation's top finance officials briefed members of Congress tonight on an unprecedented plan in the works to keep troubled institutions afloat, the Wall Street Journal reports. Treasury chief Henry Paulson and Fed chief Ben Bernanke said they would work through the weekend to get something to lawmakers for a...

Late Rally Lands Dow Up 410
 Late Rally Lands Dow Up 410 
MARKETS
Sep 18, 2008 3:25 PM CDT

Late Rally Lands Dow Up 410

Fed may have plan to quarantine bad debt; banks see gains

(Newser) - The markets rallied late in today’s rollercoaster session, keying on a $360 billion plan to shore up money markets and reports that the Fed might form a government body to absorb firms’ bad credit bets, the Wall Street Journal reports. The Dow gained 410.03 to close at 11,...

Congress Watches Uneasily as Fed, Treasury Move Boldly

Lawmakers complain of lack of oversight, being left out of loop as feds commit billions

(Newser) - Like sports fans second-guessing officials’ calls, lawmakers are watching uneasily from the sidelines as Treasury and Federal Reserve officials pledge billions of taxpayer dollars to fight Wall Street’s meltdown, the Washington Post reports. And, while many in both parties have been convinced the moves were appropriate, they’re worried...

Crisis 'Going to Last a Lot Longer'
 Crisis 'Going to 
 Last a Lot Longer' 
ANALYSIS
Sep 18, 2008 7:19 AM CDT

Crisis 'Going to Last a Lot Longer'

The ills of the banking sector are spreading to industries previously thought resistant

(Newser) - The “worst financial crisis since the Great Depression” is spiraling downward and we may not have hit bottom yet, reports the Wall Street Journal in a look at how the subprime contagion has spread beyond its banking hosts, infiltrating sectors previously thought to be immune. “I think it’...

Bailouts Blast Fed Into Uncharted Territory

Central bank's new roles stretch balance sheet to the limit

(Newser) - The Fed's mammoth bailout of financial firms is unprecedented in the history of the central bank, which now must play new and contradictory roles, the New York Times reports. The Fed has often been called the nation's lender of last resort—but the acquisition of AIG and holding of Bear...

Hank and Ben: Time to Play Offense
 Hank and Ben: 
 Time to Play Offense 
OPINION
Sep 17, 2008 7:15 AM CDT

Hank and Ben: Time to Play Offense

Treasury and Fed need to start playing offense, says Leonhardt

(Newser) - If you'd told economists 18 months ago what lay ahead in the financial industry, predictions for the American economy would be dire. The fact that things aren't totally awful—we still haven't entered into a recession—is testament to the good defense of Hank Paulson and Ben Bernanke. What they...

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