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Showing posts with label Henry Paulson. Show all posts
Showing posts with label Henry Paulson. Show all posts
November 18, 2008
BBC: US Treasury Secretary Henry Paulson has clashed with members of Congress over the $700bn US financial bail-out plan.
Mr Paulson told a Congressional committee that injecting cash into banks was the most effective way to stabilise the financial system.
However critics on the committee said that more of the money should be used to help struggling homeowners avoid losing their homes. Clash over $700bn Bank Bail-out >>> | November 18, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
October 01, 2008
THE GUARDIAN: The controversy over the failure of the Bush administration's unpopular financial bail-out is infecting every aspect of government and the presidential election campaign.
Eminent reputations lie in ruins; the august institutions of Congress, the treasury, the Federal Reserve tremble; the presidency itself is shaken. In America's year of living dangerously, few will emerge unscathed.
The consensus view, if there is one in so divided a nation, is that the US has suffered a calamitous, across-the-board failure of leadership. The bankruptcy is political as well as economic. This conclusion is widely held among both supporters and opponents of the bail-out.
"Monday's crash and burn of the Paulson plan on Capitol Hill reveals a Washington elite that has earned every bit of the disdain that Americans have for it. This crowd can't even make sausage," snarled a Wall Street Journal editorial yesterday. Black Monday's shambles marked a "historic abdication".
Republicans and Democrats in the House of Representatives were excoriated for political cowardice, childish disputatiousness, and a selfish desire to get re-elected next month at any cost. It's clear, whatever they do next, the public simply does not trust them to do it right.
"A political establishment held in higher regard may have been able to hold together some kind of coalition of the willing," wrote Joel Achenbach in the Washington Post. "But distrust of the nation's leaders, from the leaders of Congress to the president, foreclosed that possibility." Congress Approval Rating Just 10% as Bush Goes from 'Lame to Dead Duck' >>> Simon Tisdall in Washington | October 1, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
September 23, 2008
SPIEGELONLINE INTERNATIONAL: The US government is buying bad debt for $700 billion. Now Washington is asking other countries to jump in and help, too, but the Germans are bowing out. Believing that the rescue package sends the wrong signal, experts from the country's leading economics think tanks argue it's the right call.
It's not a call for assistance; it's a scream for help. US Treasury Secretary Henry Paulson is asking other countries to help buy up bad US debt. The US government is putting up $700 billion in taxpayer money in the hopes that the measure might restore stability in the financial system. Some countries are planning to help. But the German government has answered this call quickly and clearly: no.
Economics experts think that's the right response. As they see it, in the long run, those responsible for the crisis -- who have been cashed out with high salaries and bonuses for years -- will not be penalized for billions "but will be let off the hook like everyone else," says Carsten Meier of the Kiel Institute for the World Economy (IfW). According to Meier, by injecting capital into the market, the US government is putting everyone who speculated and lost back on their feet and thereby standing in the way of a market cleanup.
Paulson has stated that the US government will pay a fair price for the bad debt, which Meier sees as sending "precisely the wrong signal," adding that "people shouldn't be rewarded for taking such high risks." Meier also finds Germany's decision to sit out any bailout operation to be the right move. "The financial crisis is primarily a problem in America," Meier says. As he sees it, the fact that Germany and Europe are far less affected that the US justifies European reluctance. "The stability of the German banking system is not in danger," Meier points out as he explains why he believes Europe shouldn't provide any funds. "The world shouldn't have to bear the burden for America's lapses." 'The World Shouldn't Have to Bear the Burden for America's Lapses' >>> By Corinna Kreiler in Hamburg | September 23, 2008
BBC:
Paulson Eyes Rescue Plan Backing: US Treasury Secretary Henry Paulson has urged a key Congressional hearing not to delay a $700bn (£382bn) bail-out of the US banking system.
Mr Paulson told the Senate Banking Committee that the personal savings of US citizens are at risk if the rescue plan is not implemented.
The Treasury wants unlimited authority to buy back the bad debt that is clogging the financial markets.
Fed chairman Ben Bernanke has backed him by saying urgent action is needed. >>> | September 23, 2008
Watch BBC video: Henry Paulson on the plan to rescue the US economy >>>
BBC:
What Would Financial Armageddon Look Like? >>> By Anthony Reuben, Business reporter, BBC News | September 23, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
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