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Bailout plans

Page history last edited by Zandy 12 years, 7 months ago

Bush Urges Democrats to Act Quickly on Bailout Plan

Reported by David M. Herszenhorn, Stephen Labaton and Mark Landler, and written by Mr. Labaton.

http://www.nytimes.com/2008/09/23/business/23paulson.html?hp

 

     This article is about congress writing a bill to help bailout the major businesses on wall street that have just gone bankrupt threatening America's economy.  As you can see by the title President Bush is urging Democrats in congress to hurry up with writing the bill.  The promblem is the Smarter Democrates want to add provisions to the bill and not just give money so this type of thing wont happen again. What  the Democrates want to revise is " $700 billion bailout package must include greater legislative oversight of the Treasury Department, more direct assistance for homeowners and limits on the pay of top executives whose firms seek help".  President Bush response to the Democrates wanting to add more revisions to the bill was that this would  “would undermine the effectiveness of the plan”.  This is an extremly serious situation that threatens not only the economy of the U.S. but also a finicial crisis globally.  Of course this bailout needs to happen in the extreme near furture but there is no point of just bailing out the companies without putting some rules and regualtions in place so this wont happen again.

2 Candidates Urge Greater Oversight in Bailout Plan

By JOHN HARWOOD and MICHAEL COOPER

http://www.nytimes.com/2008/09/22/us/politics/22campaign.html?hp

 

     This article is about the plans the presidential nominiees have for the bailout and the current finniacial situation on Wall St.  Both presidential canidates agreed there should be more oversight in the Goverments plan to give the companies a $700 billion bailout.  Both canidates were interviewed on the subject.  Mr. McCain said in a interview that he would continue with the bush adminstrations tax cuts and to cut others he belives “I believe we can still balance the budget,”.  In a different interview Mr. Obama said he would continue with his plans to "overhaul the health care system to insure more people, make college tuition more affordable, give a tax cut to the middle class and raise taxes on those making over $250,000 a year".  When asked about this brilliant plan Mr. Obama has this to say “The problem that we havein part has to do with wages and incomes that have been flat. And so homeowners and ordinary families out there have been working very hard, but it’s tough for them to pay the bills and stay afloat with rising gas prices and health care". The plans for the bailout and current finacial crisis has become a heated topic in the race for the next presdient of the U.S. Im sure we will hear more from both canidates as the race continues.

 

McCain 'deeply uncomfortable' with lack of bailout oversight

http://www.cnn.com/2008/POLITICS/09/22/campaign.wrap/index.html

 

     This article is about Senator John McCains plans for the current Finacial crisis.  At a recent press confrence he told voters he was "greatly concerned" with the goverments plans for the bailout.  His main issue with the plan is gives Treasury Secretary Henry Paulson too much power.  McCain said "Never before in the history of our nation has so much power and money been concentrated in the hands of one person,".  McCain suggested that a "high-level oversight board" should be constructed to help give out the $700 billion bailout isssued by the goverment.  McCain also took time to attack other Canidate Senator Obama who had not yet been intervied and shared his plans for the current  Finacial crisis.  McCain went on to say "At a time of crisis, when leadership is needed, Sen. Obama has simply not provided it,".  This is not a far statement because it happened that McCain was just the first canidate to adress the media. This topic seems to be the main focus in the Presidential campaign as both sides are trying to flex their muscle by explaning thier plans and trying to show the American public they can handle a crisis in any form.

 

Dems Want Pay Limits, Loan Aid in Wall Street Bailout

http://www.foxnews.com/story/0,2933,425861,00.html

 

     This article is about the Bailout bill proposed by the goverement and how the Democrates in congress want to revise the bill before it is final.  Of course because this article was wrtitten by fox news it favors the republican side of the story and takes aim at the democrates for not signing off and wanting to aid revisions that could help make sure this type of finacial crisis does not strike agian.  In fact Presdient bush even accuses democrates of "It would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions".  Bush is attacking the democrates by saying they are using this crisis as a way to improvise changes the want trying to rivise the bill.  This is extremly stupid becasue they are doing no m

ore then just adding regualtions to help make sure this doesnt happen agian and not just given company exeutives billions of dollors to do what they choose

 

Buyout Plan for Wall Street Is a Hard Sell on Capitol Hill

By MARK LANDLER and STEVEN LEE MYERS

http://www.nytimes.com/2008/09/24/business/economy/24fannie.html?hp

 

  This article is about a meeting held by the the Senate banking commitee in which Henry M. Paulson Jr tried to convince the Senate to let him have control of rescuing the nations Financial crisis.  The senate was very skeptical of Paulson's plans and said it lacked detial and needed revisions.  There was alot of back and forth in which Paulson pleeded that they needed to act quick but all members of committe agreed the plan lacked detail and they were not ready no pass the bill

 

 

 

FBI probing bailout firms

http://money.cnn.com/2008/09/23/news/companies/fbi_finance.ap/index.htm?cnn=yes

 

     This article is about the FBI Investagting four major businessed that collapse mad the need for a the $700 billion bailout.  FBI officials said they are investagting fruad in four major companys   Freddie Mac, Lehman Brothers Holdings Inc. , and insurer American International Group Inc. There was no futher comment from FBI officials as the investagtion is still in the early stages.

                    -Zandy Bard

 

McCain Halts Campaign Due to Economy

By BETH FOUHY

http://news.aol.com/article/mccain-to-halt-campaign-due-to-economy/172887?icid=100214839x1210303789x1200602924

 

     Senator McCain said wenesday that he wants to postpone the up coming presidential debates.  McCain has he also postpone his campaign to deal with the current finacial crisis.  Obama does not agree with McCains request to postpone the debate he said "it's more important than ever that the country hear from its next president".  Though McCain says he is stopping his campaign to deal with the Bailout plan it is clearly a political move on his part  to try and show the American public that nothing is more important then the countrys economy.

                                                            -Zandy Bard

 

Bailout Plan Stalls After Day of Talks

By DAVID M. HERSZENHORN and SHERYL GAY STOLBERG

http://www.nytimes.com/2008/09/26/business/26bush.html?_r=1&hp&oref=slogin

 

     This article is about a meeting held to disscus the bailout plan to help aid the nations finacial crisis.  After long dileberation between the senate and president bush a decesion could not be reached.  The senate told reporters that they have ways to go but all parties agreed that they need to agree on a plan very soon.

                                                                 - Zandy Bard

 

 

 

House Rejects Bailout Package, 228-205; Stocks Plunge

Published: September 29, 2008

http://www.nytimes.com/2008/09/30/business/30bailout.html?scp=7&sq=bailout%20plan&st=cse

 

     On the big day everyone has been waiting for in which the bailout bill would be put to vote in front of the house of repesentives ended in shock.  The House rejected the bill which caused the biggest single day drop in stock market ever recorded.  Of course this is not the end of the bailout bill as on wenedsay oct. 1 a revised bill will be put back in front of the house for vote.

 

 

 

 

 

 

 

 

 

 

 

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