Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Economy Watch: September 21, 2008 - September 27, 2008

Capitol Hill Talks Continue

Negotiations on Capitol Hill continued today on the Bush administration's plan to stabiliize the U.S. financial system. Democratic leaders said that staff aides are working through some of the issues early in the day and the high-level negotiations involving members of Congress will come later. One member of the Democratic...

By Lexie Verdon  |  September 27, 2008; 1:20 PM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Frank, Pelosi Hammer McCain -- Again

In a press conference just concluded on Capitol Hill, House Speaker Nancy Pelosi (D-Calif.) called Sen. John McCain (R-Ariz.) an "intervening event" without even naming him, saying that progress was being made on Friday until McCain showed up. The tart-tongued Rep. Barney Frank (D-Mass.), chairman of the House Financial Services...

By Frank Ahrens  |  September 26, 2008; 5:09 PM ET  |  Permalink  |  Comments (5)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

I am a homeowner who works hard to pay my mortgage. Why should my tax money be used to help fix a problem I did not create?

Bush administration officials say they have no choice. They say lending would come to a halt without this bailout. In his most recent speech to the nation, President Bush outlined the potential fallout: Businesses would close their doors. Americans would...

By washingtonpost.com Editor  |  September 26, 2008; 3:54 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: bailout, mortgage  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Markets Surge at Close

UPDATED at 4:10 p.m.: A big last-minute surge by the financials -- JP Morgan, Bank of America, American Express and Citigroup -- sent the Dow to its highest levels of the day, as it closed up 121.07 points at 11,143.13, a gain of just more than 1 percent. Still, the...

By Frank Ahrens  |  September 26, 2008; 3:42 PM ET  |  Permalink  |  Comments (3)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Gold Hoarders Cause Mint Stoppage

The U.S. Mint has temporarily halted sales of its American Buffalo 24-carat gold one-ounce bullion coins because "inventories have been depleted," the Mint said. The coin sold for $800 on the Mint site. The Mint can't keep up with demand from panicky investors looking for something -- anything -- that...

By Frank Ahrens  |  September 26, 2008; 3:35 PM ET  |  Permalink  |  Comments (10)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Dems' 'Discussion Draft' of Bailout Bill Already Changing

We're posting a copy of the Democrats' "discussion draft" (pdf) of the $700 billion Wall Street bailout bill that Sen. Chris Dodd (D-Conn.) referred to earlier today. This is their response to Treasury Secretary Hank Paulson's plan. Please note: The situation unfolding on the Hill is so fluid and moving...

By Frank Ahrens  |  September 26, 2008; 1:42 PM ET  |  Permalink  |  Comments (37)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

What has become of the private mortgage insurance that borrowers paid monthly to insure mortgage lenders?

A common misconception about private mortgage insurance is that it is designed to help homeowners, but it's not -- it is meant to protect the lender against borrowers who miss their monthly payments. Most lenders require PMI only if a...

By Bob Greiner  |  September 26, 2008; 1:36 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: private mortgage insurance  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Cantor Retreat May Unclog Deal Talks

While one key House Republican sent an ultimatum this morning, another offered a critical olive branch that could provide the political support for what some are calling a "hybrid" bailout deal. Rep. Eric Cantor (R-Va.), the lead author of an alternative GOP proposal, said minutes ago that he's willing to...

By Frank Ahrens  |  September 26, 2008; 1:05 PM ET  |  Permalink  |  Comments (16)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Frank: Deal Only 'Few Days' Away

Rep. Barney Frank (D-Mass.), chair of the House Financial Services committee and a key figure driving the $700 billion Wall Street bailout, told The Post's Lori Montgomery that a deal on the plan can now be reached "within a few days," now that the House Republicans are back at the...

By Frank Ahrens  |  September 26, 2008; 12:27 PM ET  |  Permalink  |  Comments (6)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

White House Predicts Deal by "Opening Bell" Monday

White House press secretary Dana Perino said President Bush and his aides have been in close consultation with congressional leaders today, and predicted that a final deal was possible by "the opening bell on Monday." She also suggested that the administration was open to further compromises, but she declined to...

By Sara Goo  |  September 26, 2008; 11:53 AM ET  |  Permalink  |  Comments (5)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Dems Blast McCain, House GOP for Stalling Bill

In a news conference on Capitol Hill still underway, Senate Majority Leader Harry Reid (D-Nev.) said "the insertion of presidential politics has not been helpful. I repeat: The insertion of presidential politics has not been helpful." Reid went on to say that several days ago, he asked Sen. John McCain...

By Frank Ahrens  |  September 26, 2008; 11:13 AM ET  |  Permalink  |  Comments (34)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Bush Says Rescue Plan Will be Passed

President Bush said key negotiators will "rise to the occasion" and pass a bailout bill to address the U.S. financial crisis. "We are going to get a package passed," Bush said in a televised message just now that aimed to reassure the markets. "We will rise to the occasion...

By Sara Goo  |  September 26, 2008; 9:49 AM ET  |  Permalink  |  Comments (7)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Dow Opens Down Triple Digits

After closing up 196 points yesterday, the Dow fell at the opening bell this morning 140 points, with financial stocks taking a hit. The broader Standard & Poor's 500 index fell by 21 points and the technology-heavy Nasdaq fell 49 points as the market awaits President Bush's scheduled televised remarks...

By Sara Goo  |  September 26, 2008; 9:35 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Lower Open Likely for Markets

The stock markets overseas were none too pleased to see the talks in Congress fall apart yesterday evening, after a day in which the Dow surged on optimism that the $700 billion bailout proposal deal would be completed. The late evening announcement that troubled thrift Washington Mutual was sold to...

By Sara Goo  |  September 26, 2008; 7:12 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

No Deal Yet, Talks Resume Tomorrow

Treasury Secretary Hank Paulson's late-night talks with key lawmakers on the $700 billion Wall Street bailout have ended for tonight with no deal struck, The Post's Lori Montgomery reports. Talks will resume tomorrow morning at 11:30 a.m. Rep. Barney Frank (D-Mass.) said progress was made tonight but blamed Republicans for...

By Frank Ahrens  |  September 25, 2008; 10:33 PM ET  |  Permalink  |  Comments (4)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Deal Stalls, Talks Continue Into Night

Hours after some key congressional leaders said the $700 billion Wall Street bailout was all but signed, chafing from some members -- including House Republicans -- has stalled the bailout's forward progress, sending talks into the night. At the moment, Treasury Secretary Hank Paulson is hudding in a conference room...

By Frank Ahrens  |  September 25, 2008; 10:07 PM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Bailout Or No, Big Three Gets Theirs

Quietly, as attention has focused on the $700 billion Wall Street bailout plan, Detroit automakers are thisclose to getting at least $25 billion in direct loans from Congress to help them produce new high-fuel-efficiency vehicles. The House authorized the loans yesterday -- which were included in last year's Energy Bill...

By Frank Ahrens  |  September 25, 2008; 6:55 PM ET  |  Permalink  |  Comments (7)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Going To the Mattresses?

Classic Sleep Products, a Jessup, Md.-based bedmaker, has offered to send -- free of charge! -- 535 mattresses to Congress so lawmakers can work 'round-the-clock to "iron out" (their pun; not ours) the current financial crisis. We file this under the heading of shameless-but-cute promotional stunts. Classic Sleep chief executive...

By Frank Ahrens  |  September 25, 2008; 6:13 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

First Words From New Fannie, Freddie Chiefs

In their first public comments since the seizure of Fannie Mae and Freddie Mac, the companies' government-appointed chief executives signaled today that they are initiating wide-ranging reviews of how the firms do business, with the main goal of helping homeowners avoid foreclosure. The companies have already taken steps to reduce...

By Frank Ahrens  |  September 25, 2008; 4:42 PM ET  |  Permalink  |  Comments (14)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Market Sustains Rally, Dow Closes Up 200

The Dow closed off its highs of today but managed to sustain a daylong rally, hitting the closing bell up 196.89 points to finish at 11,022.06, a gain of nearly 2 percent. The Nasdaq closed up nearly 1.5 percent and the S&P 500 closed up nearly 2 percent. The Dow...

By Frank Ahrens  |  September 25, 2008; 4:28 PM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Bailout Money To Be 'Phased In'

UPDATE 3:28 pm From The Post's Lori Montgomery on Capitol Hill: House Financial Services Committee Chairman Barney Frank (D-Mass.) said the bailout deal reached by key lawmakers calls for dividing the $700 billion pricetag into three parts: Paulson would receive $250 billion immediately and another $100 billion upon White House...

By Frank Ahrens  |  September 25, 2008; 2:31 PM ET  |  Permalink  |  Comments (35)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Dodd: "Fundamental Agreement" Reached on Bailout Bill

Democratic and Republican members of the Senate Banking Committee and the House Financial Services Committee emerged today from a meeting in the Capitol on a $700 billion package proposed by the Treasury Department and the Federal Reserve and said they have reached agreement on most of the issues dividing them....

By Sara Goo  |  September 25, 2008; 2:14 PM ET  |  Permalink  |  Comments (30)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Market Rally Continues -- Dow Flirts With 300

Wall Street seems to be humming "Happy Days Are Here Again." A major rally across all of the boards has pushed stocks soaring throughout the day, as the $700 billion Wall Street bailout package becomes closer and closer to reality. As of 1:45 p.m. today, the Dow was up nearly...

By Frank Ahrens  |  September 25, 2008; 1:48 PM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

$1 Million Per Year for New Fannie, Freddie Chiefs

The government-appointed chief executives of Fannie Mae and Freddie Mac each will likely be paid more than $1 million a year in salary and bonuses, the regulator overseeing the companies said today. James Lockhart, the chairman of the Federal Housing Finance Agency, confirmed the figure while being questioned by lawmakers...

By Frank Ahrens  |  September 25, 2008; 1:42 PM ET  |  Permalink  |  Comments (35)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Does the administration's proposed bill contain a bailout provision for credit card and auto loan debt? How would that affect me?

The trade group representing the consumer credit industry would certainly like the $700 billion federal bailout proposal to cover credit card issuers and auto lenders. But that point is up for debate. The American Financial Services Association this week asked...

By washingtonpost.com Editor  |  September 25, 2008; 1:16 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: bailout, consumer debt  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Pelosi: We Hope to Bring a Bailout Bill Soon

House Speaker Nancy Pelosi (D-Calif.) told reporters that House and Senate negotiators from both parties are hard at work on a $700 billion bailout package and that "we hope we will be able to bring a bill to the floor soon." She declined to say whether a bill could be...

By Sara Goo  |  September 25, 2008; 12:24 PM ET  |  Permalink  |  Comments (46)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

US Chamber: Senate Could Vote by Weekend

After spending the morning on the Hill, U.S. Chamber of Commerce top lobbyist R. Bruce Josten said that he believes that the Senate is moving toward a positive vote on the $700 billion Wall Street bailout bill by this weekend, and expects the House will follow by early next week,...

By Frank Ahrens  |  September 25, 2008; 12:04 PM ET  |  Permalink  |  Comments (8)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

What is the impact of the government's financial rescue plan on credit unions?

The impact on credit unions seems quite minimal. These nonprofit cooperatives do not hold many of the investments that are poisoning other financial institutions, so they have weathered the crisis fairly well. Credit unions have kept about 70 percent of...

By washingtonpost.com Editors  |  September 25, 2008; 11:31 AM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Dow Shoots Out of the Gate

Okay, let's check here: Any other billionaires buying into the shaky financial sector, single-handedly propping up Wall Street for an entire trading day? No? None so far? Okay, well, then the markets appear to be up on their own this morning. So far, the Dow is up 100 points at...

By Frank Ahrens  |  September 25, 2008; 9:35 AM ET  |  Permalink  |  Comments (3)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Morning Briefing

Washington Mutual will be on watch today after its credit ratings were cut yesterday and several news reports this morning indicate that the company is in talks to sell itself or be taken over by a private equity fund. Meanwhile, overseas, the credit crisis seems to have spread -- or...

By Sara Goo  |  September 25, 2008; 7:35 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Thursday: The Deadline Looms

Wall Street itself seemed to put down everything to watch and listen to Washington today; the Dow barely moved all day and finished with one of the lightest trading volumes in some time. Here on Capitol Hill, lawmakers have spent the past two days taking bites out of the $700...

By Frank Ahrens  |  September 24, 2008; 7:39 PM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Are lenders more likely to hold on to the foreclosures they own as they wait for the federal government's bailout?

No. Under the current plan, the federal government would not buy foreclosed properties. It would buy troubled mortgages and mortgage-backed securities that may lapse into foreclosure. If they do, only then would the government actually own these properties. The government's...

By washingtonpost.com Editor  |  September 24, 2008; 6:08 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: bailout, foreclosure  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

CBO Director: Bailout Could Worsen Crisis

Peter Orszag, director of the Congressional Budget Office, dropped a couple of surprises during his testimony before the House Budget committee this morning on the government's response to the current crisis. Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke are steadfast in their support of their $700 billion bailout...

By Frank Ahrens  |  September 24, 2008; 2:11 PM ET  |  Permalink  |  Comments (12)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Report: White House Will OK Exec Pay Caps

The Associated Press is reporting that the Bush administration has accepted the idea of curbs on executive pay for the companies that participate in the $700 billion Wall Street bailout in exchange for passage of the bill. The pay caps have been a sticking point. Democrats -- and some Republicans...

By Frank Ahrens  |  September 24, 2008; 1:29 PM ET  |  Permalink  |  Comments (53)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

The $700 Billion Toilet Plunger

Using a dual-pronged effort, Rep. Elijah Cummings (D-Md.) and Sen. John Sununu (R-N.H.) allowed Fed Chairman Ben Bernanke to explain his rationale for the $700 billion Wall Street bailout during the Joint Economic hearing underway on the Hill right now. It's all about keeping credit flowing, Bernanke said. Cummings asked...

By Frank Ahrens  |  September 24, 2008; 12:17 PM ET  |  Permalink  |  Comments (12)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

But Do You Need the Whole $700 Billion Up Front?

Treasury Secretary Hank Paulson's and Fed Chairman Ben Bernanke's $700 billion Wall Street bailout plan is running up against the rough shoals of politics. The central issue, as elucidated by Sen. Chuck Schumer (D-N.Y.), who is grilling Bernanke before the Joint Economic committee right now, is the following: Why do...

By Frank Ahrens  |  September 24, 2008; 11:07 AM ET  |  Permalink  |  Comments (6)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

The Buffett Effect

Tuesday's late news that Berkshire Hathaway chairman Warren Buffett is sinking $5 billion into Goldman Sachs kick-started today's stocks futures market in the moments before today's opening of the stock market. Buffett is the world's richest man, according to Forbes, and is a Washington Post Co. director. He is a...

By Frank Ahrens  |  September 24, 2008; 9:35 AM ET  |  Permalink  |  Comments (5)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Why is the bailout directed at financial institutions instead of ordinary citizens?

The problem the federal government is trying to address is at the macro level. An immediate concern is job loss, said Susan Wachter, a professor at the University of Pennsylvania's Wharton School of Business. If the financial system shuts down,...

By washingtonpost.com Editors  |  September 24, 2008; 9:00 AM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

How will the soaring budget deficit affect my investments?

Not positively. "If the budget deficit grows, that means the government has to borrow a lot more money," said Reena Aggarwal, a finance professor at Georgetown University. "That means there's a lot more demand for capital because the budget deficit...

By washingtonpost.com Editors  |  September 24, 2008; 9:00 AM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Morning Briefing: World Markets Mixed on Buffett/Goldman Deal

At first, the markets overseas appeared to be cheering the news that Warren Buffett's Berkshire Hathaway is investing $5 billion in Goldman Sachs, in exchange for preferred shares in the firm. But after a few hours of trading in Europe, the markets appear more mixed. In Europe, the DJ Stoxx...

By Sara Goo  |  September 24, 2008; 7:34 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Wednesday: Hank and Ben's Roadshow Rolls On

The Senate Banking committee got its whacks in today at Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke and their $700 billion Wall Street bailout plan. Now, the rest of the Hill gets its two cents as both houses work toward something they can pass and President Bush can...

By Frank Ahrens  |  September 23, 2008; 6:43 PM ET  |  Permalink  |  Comments (4)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

How will the government's bailout plan affect home buyers and sellers?

The goal is to enable major financial institutions to unload their troubled mortgage assets so they can more freely lend to people who want to refinance or buy homes. A stronger flow of mortgage money should then help whittle down...

By washingtonpost.com Editor  |  September 23, 2008; 6:12 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: bailout, buying a home, selling a home  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

How will the government's plan affect my money-market fund?

Last week, the U.S. Treasury Department promised to insure the value of deposits in money-market mutual funds, much the same way that the Federal Deposit Insurance Corp. protects the first $100,000 in your bank account: Whatever you put in, the...

By washingtonpost.com Editor  |  September 23, 2008; 6:10 PM ET  |  Permalink  |  Comments (0)
Categories:  Your Pocketbook  | Tags: bailout, money market funds  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Talk To Chuck (Schumer)? Can't. He's on TV.

An amusing media moment just before the end of today's nearly five-hour Senate Banking committee grilling of Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke involving loquacious committee member Sen. Chuck Schumer (D-N.Y.). Schumer ducked out of the marathon hearing before it ended and popped up on CNBC, to...

By Frank Ahrens  |  September 23, 2008; 3:49 PM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Too Much Power for Paulson?

Surprisingly, what may prove to be the most controversial paragraph in in the three-page Wall Street bailout plan drawn up by Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke wasn't mentioned until today's nearly five-hour Senate Banking committee hearing had almost adjourned. Here it is: "Sec. 8. Review. Decisions...

By Frank Ahrens  |  September 23, 2008; 3:01 PM ET  |  Permalink  |  Comments (13)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Stocks Lose Morning Gains

Wall Street hovered in positive territory throughout the morning and into lunch, exciting hopes of a comeback after yesterday's 370-point loss. But the markets have now slipped slightly into negative territory as the Senate Banking committee hearing wears on, closely watched by traders. The Dow, the Nasdaq and the S&P...

By Frank Ahrens  |  September 23, 2008; 1:00 PM ET  |  Permalink  |  Comments (6)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Congress Questions the Bazooka

Some feisty questioning from Sen. Chuck Schumer (D-N.Y.) directed at Treasury Secretary Hank Paulson over the $700 billion sum Paulson is asking Congress for, as the Senate Banking committee hearing wears on. Schumer's question, in essence: Could you live with less? Could we give you, say, $150 billion now and...

By Frank Ahrens  |  September 23, 2008; 12:33 PM ET  |  Permalink  |  Comments (18)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Paulson: Plan Won't Stop All Foreclosures

In vigorous questioning from Senate Banking committee ranking member Richard Shelby (R-Ala.), Treasury Secretary Hank Paulson said the bailout plan will get at "the root cause of the problem" -- the housing crisis -- but not prevent all foreclosures. "What's it going to do for the homeowner?" Shelby asked. "Not...

By Frank Ahrens  |  September 23, 2008; 12:01 PM ET  |  Permalink  |  Comments (7)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

SEC's Cox: Subprime Probes Underway

Testifying at the Senate Banking committee hearing, SEC Chairman Chris Cox said his agency has more than 50 investigations open on subprime mortgage cases, trying to ascertain if anything illegal went on in the risky-mortgage market that contributed to the current crisis. In his testimony, Cox called for the regulation...

By Frank Ahrens  |  September 23, 2008; 11:27 AM ET  |  Permalink  |  Comments (4)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Paulson Calls for Tough Rules

The senators have finished beating up on everyone and Treasury Secretary Hank Paulson began his forceful testimony. "The events of today began many years ago with banks and lenders using bad lending practices and borrowers taking out mortgages they couldn't afford," Paulson said. He has gone off on a couple...

By Frank Ahrens  |  September 23, 2008; 11:20 AM ET  |  Permalink  |  Comments (4)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Senate Goes After Regulators Past, Present

The big Senate Banking committee hearing is underway on Capitol Hill, where Treasury Secretary Henry Paulson, SEC Chairman Chris Cox, Fed Chairman Ben Bernanke and Federal Housing Finance Agency Director Jim Lockhart face a number of angry Senators. No one on the committee missed the opportunity to: A) Lash out...

By Frank Ahrens  |  September 23, 2008; 10:06 AM ET  |  Permalink  |  Comments (11)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Report: Slow Holiday Sales Expected

As the markets set to open today, they will be greeted with some more not-sunny news: A report from the National Retail Federation that predicts the slowest holiday sales season in six years. The report does not predict a decline in holiday spending, compared to last year -- consumers are...

By Frank Ahrens  |  September 23, 2008; 9:25 AM ET  |  Permalink  |  Comments (2)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Bush Is Confident of Congressional Passage

President Bush, meeting in New York with Pakistan's President Ali Zardari, told reporters that he is confident Congress will pass the $700 billion economic recovery package that is being debated on Capitol Hill.

By Lexie Verdon  |  September 23, 2008; 9:14 AM ET  |  Permalink  |  Comments (21)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Markets Head South Overseas

Stock markets in Asia and Europe followed the Dow south today, just as Washington's big government guns (Paulson, Bernanke and Cox) are getting ready to testify on Capitol Hill later this morning to press their case for Congress to quickly craft a Wall Street bailout. Although Democrats in Congress have...

By Sara Goo  |  September 23, 2008; 7:08 AM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Tuesday: A Wary Look Ahead

The Dow soared some 700 points over last Thursday and Friday. Today, it lost half of that. What will Tuesday bring on Wall Street? Last week's stock surge was caused by the news that the federal government would proceed with a bailout, poised to buy some $700 billion in bank...

By Frank Ahrens  |  September 22, 2008; 5:55 PM ET  |  Permalink  |  Comments (5)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Carlyle Chief Ready To Go Bargain-Hunting

David Rubenstein, managing director of Washington's Carlyle Group private-equity giant, said firms such as his would play a big role in eventually buying back from the government those private assets it is poised to bail out. In an interview moments ago on CNBC, Rubenstein said the coming transaction between the...

By Frank Ahrens  |  September 22, 2008; 4:48 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Friday Stock Gains: Erased

After declining at a steady pace throughout the day, stocks fell off the cliff during the last hour of today's trading, wiping out all of Friday's rally. The Dow closed down today more than 370 points, or about 3 percent, after closing up by the same amount on Friday. The...

By Frank Ahrens  |  September 22, 2008; 4:25 PM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Frank: Democrats, Treasury Agree on Bailout Plan Basics

The Post's Lori Montgomery reports this latest update from the Capitol: Rep. Barney Frank (D-Mass), chairman of the House Financial Services Committee, says House and Senate Democrats have agreed on the basic principles of a bailout plan. In particular, both sides agree to the creation of an oversight board and...

By Sara Goo  |  September 22, 2008; 3:19 PM ET  |  Permalink  |  Comments (7)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Get Ready for Higher Gas Prices

On most television dramas, there's the main plot line, called the "A Story," and the secondary plot line, which is the "B Story." If the market performance is today's A Story, the B Story has become the price of oil. As of about 2:30 this afternoon, oil set for October...

By Frank Ahrens  |  September 22, 2008; 2:51 PM ET  |  Permalink  |  Comments (36)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

McCain: Bailout CEOs Should Get Pay Cuts

The Post's Michael D. Shear reports that Sen. John McCain (R-Ariz.) declared himself "deeply uncomfortable" with President Bush's proposal to rescue the economy and said it must include an oversight board to ensure accountability of the $700 billion in government money. "I am greatly concerned that the plan gives a...

By Frank Ahrens  |  September 22, 2008; 2:21 PM ET  |  Permalink  |  Comments (6)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Hill Action Weighs On Wall Street

Stocks continue their downward slide as the financial story becomes a political one and begins to affect the markets. The Democrat-controlled Congress is working toward a bailout plan that puts Treasury and Wall Street on a short leash, both of which may irritate Republicans, who likely will favor less federal...

By Frank Ahrens  |  September 22, 2008; 1:13 PM ET  |  Permalink  |  Comments (3)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Senate Dems Release Their Bailout Plan

The Post's Lori Montgomery reports on the Democrat-controlled Senate bailout proposal: The Senate Democrats' plan calls for the creation of an emergency oversight board composed of the Fed, FDIC and SEC, plus two outside experts appointed by Congress. It also calls for the Treasury secretary to make monthly reports to...

By Sara Goo  |  September 22, 2008; 12:05 PM ET  |  Permalink  |  Comments (20)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Mid-Morning Slump On Wall Street

With about 45 minutes to go before lunch, all three major Wall Street markets are down more than 1 percent, with the Dow off about 155 points, a slight recovery from its morning low of more than 180 points. Hardest hit, as expected, are financials. On CNBC, Sen. Evan Bayh...

By Frank Ahrens  |  September 22, 2008; 11:27 AM ET  |  Permalink  |  Comments (3)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Wall Street Opens Cautiously

Thirty minutes into the trading day, Wall Street is down moderately as traders cautiously wait to see how the bailout takes shape. At 10 a.m., the Dow was down about 85 points, or about .75 percent. The Nasdaq and the Standard & Poor's were off a little over 1 percent....

By Frank Ahrens  |  September 22, 2008; 10:09 AM ET  |  Permalink  |  Comments (3)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

Wall Street Presses the Reset Button

Welcome to the Morning After. All eyes will be on Wall Street as the opening bell rings, to see how the markets respond following one of the most tumultuous weeks in the American financial sectors since the Great Depression. The Dow lurched wildly last week, losing hundreds of points one...

By Frank Ahrens  |  September 22, 2008; 9:22 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

The Morning Briefing

R.I.P., investment banks. The Federal Reserve announced late last night that the last two remaining investment banks, Goldman Sachs and Morgan Stanley, would become bank holding companies. This move puts them under tighter regulation and signals the end of an era for the independent investment bank on Wall Street. Speaking...

By Sara Goo  |  September 22, 2008; 7:00 AM ET  |  Permalink  |  Comments (0)
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz  

 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company