There is a lot of talk about how president-elect Obama is going to sign into law a new economic stimulus plan in the first days of his administration. Some predict it will be in the range of $700 billion (and NO, this is not the already-squared-away $700 billion the Bush administration earmarked for bank bailouts [...]
Posts Tagged ‘$700 billion’
President-elect Barack Obama signaled a clear desire Wednesday to use a significant portion of $700 billion in financial bailout funds to stanch foreclosures by helping struggling homeowners with their mortgages.
“The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes,” he [...]
Construction of new homes plunged by a bigger-than-expected amount in September as builders slashed production yet again, putting the country on track to build the fewest homes this year in more than six decades.
Friday’s housing report was yet another piece of evidence that the nation is struggling with a weak economy that, if the financial [...]
WASHINGTON (AP) — The Federal Reserve moved swiftly to break through a credit clog that is imperiling the economy, saying Tuesday it would buy massive amounts of short-term debt and hinting that it may cut interest rates.
Fed Chairman Ben Bernanke warned that the financial crisis has not only darkened the country’s current economic performance but [...]
The Senate moved toward passage Wednesday of a $700 billion financial industry bailout as opposition to the package among House Republican conservatives appeared to be softening, thanks partly to a provision increasing insurance for people’s deposits.
Congressional leaders from both parties said they were hopeful that a new version of the rescue plan could be cleared [...]
Lawmakers raised doubts Monday about what would be the largest government bailout in American history, but a bigger, more terrifying question lurked right under the surface: What if it doesn’t work?
Failure, says one insider, is not an option.
“The alternative is complete financial Armageddon and a great depression,” said a former Federal Reserve official. “Where do [...]
