The Wall Street Journal is reporting that lawmakers reached a tentative bailout deal overnight: Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the […]
Economy
Video: In Their Own Words…
Video: Burning Down The House: What Caused Our Economic Crisis?
This video has been floating around the web for a couple of days… It provides a detailed look at how the Community Reinvestment Act was used to push banks into sub-prime mortgages and how that distorted the housing market… And helped create the bubble that burst. A couple of caveats though… First it lays the […]
Crash & Burn: Harry Reid’s $56 Billion Stimulus/Oil Shale Ban Bill Augers In.
Reuters is reporting that Harry Reid’s $56.2 Billion economic stimulus/oil shale ban bill has failed in the Senate: WASHINGTON (Reuters) – The Senate on Friday blocked a $56.2 billion economic stimulus package that would have extended unemployment benefits, increased food aid and funded new construction projects to create jobs. The 52-42 vote fell short of […]
Back on the Trail…
Statement from the McCain Campaign on negotiations (H/T: Rich Lowry): John McCain’s decision to suspend his campaign was made in the hopes that politics could be set aside to address our economic crisis. In response, Americans saw a familiar spectacle in Washington. At a moment of crisis that threatened the economic security of American families, […]
Bailing on the Bailout?
It looks like the bailout deal, if there ever was one, is collapsing… Democrats and Paulson are whining. ABC News’ George Stephanopoulos Reports: Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting, sources say. Paulson walked into the room where Democrats were caucusing after today’s […]
Newsflash: Wall Street Journal Reporting Agreement in Principle Is Reached on $700 Billion Bailout
From the Wall Street Journal: Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were few hurdles remaining. “There really […]
Harry Reid Trying To Sneak Oil Shale Ban Back Into Legislation
Senator Jim DeMint’s office reports that Senate Majority Leader Harry Reid is trying to sneak an extension of the oil shale ban into legislation under cover of the bailout frenzy. Sec 1602 continues ban on oil shale. The language follows: SEC. 1602. Notwithstanding any other provision of law, including section 152 of division A of […]
A Failure of Leadership
What I said yesterday about McCain and leadership… Scratch that. My first reaction to John McCain’s announcement that he was suspending his campaign and returning Washington to help craft a financial bailout plan was positive. I though it was bold move that could pay huge dividends down the road. This morning, after rolling it around […]
Anatomy of a Crisis
The more I think about the Bush Administration’s proposed 700 billion dollar back bailout the madder I get. The “credit crisis” wasn’t created by by greed and mismanagement on Wall Street. It was created by politicians who thought they could substitute well intentioned politically correct regulation for sound financial practices. Economist Stan Liebowitz has an […]
Leadership: McCain To Suspend Campaign To Focus On Economy
John McCain has announced that he will temporarily suspend his campaign, effective tomorrow, so that he can return to Washington to work on the Wall Street bailout plan. He has also asked the Commission on Presidential Debates to postpone the debate scheduled on Friday in Oxford, Mississippi until congress has had chance to address the […]
Credit Crisis Redux
Today’s Wall Street Journal takes a look at our current credit crisis and how we got here. Among the culprits the Journal identifies: The Federal Reserve. Fannie Mae and Freddie Mac. A credit-rating oligopoly. Banking regulators. The Community Reinvestment Act. The conclude their analisys by thusly: We could cite other Washington policies, including the political […]
Sierra Hotel! The Gang of 20 Folds!
The Hill is reporting that Lindsey Graham and his gang of wimps have folded… For now anyway. A bipartisan group of senators who sought a compromise in the rancorous energy debate won’t introduce their bill before lawmakers adjourn for the elections, several Senate aides said Thursday. Instead, the so-called Gang of 20 will offer a […]
The Democrats Credit Crisis…
The more I dig into the history behind our current crisis the more outraged I become… Commenter Veretax writes: “I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of these financial institutions,” Pelosi told […]
How Did We Get Here?
Ed Morrissey @ Hot Air asks “Whose policies led to the credit crisis?” The answer depends on who you ask… Democrats of course blame Republicans and Republicans of course blame Democrats. Personally, I think it’s safe to point fingers at both parties and the Federal Reserve Board. The roots of the current credit crisis can, […]