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FDIC Deposit Insurance Limits Could Increase
Tweet Share on Facebook September 30, 2008 Comment (1)As federal regulators brace for an increase in bank failures, customers may end up with additional government protection for their deposits.
From Bloomberg:
The Federal Deposit Insurance Corp. will ask Congress for permission to increase deposit insurance limits, House Financial Services Committee Chairman Barney Frank said in a memorandum to members of his panel.
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Barney Frank Skewers GOP 'Hypersensitivity'
Tweet Share on Facebook September 30, 2008 Comment (17)The Democratic-controlled House of Representatives might not have passed the bailout bill Monday, but the lefties certainly walked away with the best line of the day when Rep. Barney Frank of Massachusetts mocked GOP lawmakers for blaming the legislation's demise on a speech by House Speaker Nancy Pelosi that they considered partisan.
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Why the House Rejected the Bailout Bill
Tweet Share on Facebook September 30, 2008 Comment (3)My friend Ben Pershing at the Washington Post has a great piece about Monday's stunning failure of the bailout bill. He outlines five reasons why the House of Representatives rejected the legislation.
At the top of the list is "poor salesmanship" on the part of the administration.
From the Post:
1) Poor Salesmanship. Did you know that the general consensus is now that this bill will not cost $700 billion? If you didn't, it's because the bill's proponents did a poor marketing job. From the start, the Bush administration did not do enough to emphasize the point that taxpayers would get at least some of the money back, and that gigantic price tag got stuck in the head of the public (and the media).
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Did Nancy Pelosi's Speech Sink the Bailout?
Tweet Share on Facebook September 30, 2008 Comment (40)Republicans say a speech by Speaker Nancy Pelosi caused the House of Representatives' surprising rejection of the $700 billion financial bailout bill Monday.
From the Associated Press:
Republicans blamed Pelosi's scathing speech near the close of the debate—which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets—for the vote's failure.
"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Minority Leader John Boehner said. Pelosi's words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get, to go south."
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The Bailout Bill: Who Voted For and Against It
Tweet Share on Facebook September 30, 2008 Comment (14)The $700 billion financial bailout bill was rejected by the House of Representatives Monday, shocking supporters and sending the markets into free-fall.
Here's a look at which members voted in favor and which ones opposed it.
From the Office of the Clerk of the House of Representatives, via L.A. Land:
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Outline of the Bailout Bill
Tweet Share on Facebook September 29, 2008 Comment (10)Here is a summary of the financial bailout bill that the House of Representatives rejected today.
From the House Financial Services Committee:
SUMMARY OF THE "EMERGENCY ECONOMIC STABILIZATION ACT OF 2008"
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit, which is vital to a strong and stable economy. EESA also establishes a program that would allow companies to insure their troubled assets.
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Money Market Guarantee Program FAQ
Tweet Share on Facebook September 29, 2008 Comment (2)The Treasury Department on Monday released the following FAQ about its recently announced money market guarantee program:
Frequently Asked Questions About Treasury's Temporary Guarantee Program for Money Market Funds
How does an investor sign up to participate in the Treasury's Temporary Guarantee Program for Money Market Funds?
While the program protects the shares of all money market fund investors as of September 19, 2008, each money market fund makes the decision to sign up for the program. Investors cannot sign up for the program individually.
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Bill O'Reilly Has Bailout-Related Meltdown
Tweet Share on Facebook September 26, 2008 Comment (44)In a flip-out approaching Al Pacino levels, conservative pundit Bill O'Reilly railed against a slew of public figures associated with the $700 billion bailout, saying at one point during his radio show, "I swear to God if they were in this room right now, I would hit them—Dodd and Frank!"
It's well worth a listen, and thanks to LA Land for the heads up.
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Ed McMahon Raps in FreeCreditReport.com Ad
Tweet Share on Facebook September 26, 2008 Comment (13)After nearly losing his house and appearing on the Larry King Show in a neck brace, Johnny Carson's former sidekick, Ed McMahon, has apparently sold his last remaining shred of dignity to FreeCreditReport.com.
McMahon has reportedly agreed to appear in commercials for the company in a tracksuit while rapping about his financial misfortunes.
The raps reportedly included references to ninjas, nunchucks, and "the haters."
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How Big Is JPMorgan With Washington Mutual?
Tweet Share on Facebook September 26, 2008 Comment (8)Here's a look at how expansive JPMorgan Chase will be after acquiring most of Washington Mutual's operations.
From JPMorgan Chase's press release:
Acquisition creates largest U.S. depository institution, with over $900 billion of customer deposits
Expansion into attractive California, Florida and Washington State markets creates nation's second-largest branch network; also strengthens existing presence in New York, Texas, Illinois, Arizona, New Jersey, Colorado, Connecticut and Utah
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