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Saturday, September 20, 2008

Bailout Tab: $700 Billion

Items of Interest:

CNN Money:
Bush wants OK to spend $700B -- Bailout proposal sent to Congress seeks authorization to spend as much as $700 billion to buy troubled mortgage-related assets.

The legislative proposal - the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers. (Read the text here.)

President Bush said Saturday that the plan matches the scope of the problem.

"It is a big package because it's a big problem," he told reporters at a joint news conference with Alvaro Uribe, the president of Colombia.

"The risk of doing nothing far outweighs the risk of the package," Bush said...
Rescue plan takes shape on Capitol Hill -- Congress begins drafting authority for sweeping U.S. package... It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion...

comment: $11.3 trillion national debt = about $37,000 for every man, woman and child in the United States
Paul Krugman:
Uneasy feelings — Details are scarce on the big buyout; but as a few dribble out, I'm getting uneasy. — Here's the source of my uneasiness: the underlying premise behind the buyout seems, still, to be that this is mainly a liquidity problem. So if the government stands ready to buy securities at “fair value”, all will be well.
Discussion: Eschaton and Once Upon a Time
Wall Street Journal:
U.S. Bailout Plan Calms Markets, But Struggle Looms Over Details
Calculated Risk: Bailout: Few Details Yet
Mark Thoma / Economist's View:
Recapitalization — Paul Krugman: … Dean Baker:
Dean Baker / American Prospect: Questions on the Bush Bailout Package
Ken Houghton / Angry Bear: Dean Baker Explains It All to You
Washington Post:
Linking Obama to Ex-Fannie Mae Chief Is a Stretch — “Obama has no background in economics. Who advises him? The Post says it's Franklin Raines, for ‘advice on mortgage and housing policy.’ Shocking. Under Raines, Fannie Mae committed ‘extensive financial fraud.’ Raines made millions.
Discussion: Balloon Juice, Cafe Hayek and The Corner
The Politico:
Fannie Mae vet protests McCain ad — A former Fannie Mae executive has written to The New York Times in an effort to escalate Democrats' pushback to a McCain campaign ad accusing Sen. Barack Obama (D-Ill.) of guilt by association with former officials of the mortgage giant.
Mark Silva / The Swamp: John McCain's radio: Jab at Obama
Washington Wire:
‘Attack by Association’ Viewed as Fair Game by McCain Camp
Orrin Judd / BrothersJudd Blog: TAMP 'EM UP SOLID:

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia