left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Friday, September 19, 2008

Hank Paulson brings out a TARP to cover the crisis

Items of Interest:

----Throw a TARP over it: Troubled Asset Relief Program----
Hank Paulson throws a T.A.R.P. (`Troubled Asset Relief Program') over the financial crisis.

Paulson Announces `Troubled Asset Relief Program' -- The following is a statement by Treasury Secretary Henry Paulson released today in Washington.

``Last night, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with Congressional leaders. We began a substantive discussion on the need for a comprehensive approach to relieving the stresses on our financial institutions and markets..
Paulson, Bernanke Expand U.S. Power to Rescue Markets

NY Times:
Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling
Mike Allen / The Politico:
Breaking: Paulson plan could cost $1 trillion — Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.
Mark Silva / The Swamp: Bush: Economy's ‘pivotal moment’
Bloomberg: Bush Absent on Financial Crisis as Paulson Leads

Todd Harrison / Minyanville:
Tying History Up with a Bow --
It took me all day to arrive at this simple summation that the government made a simple trade. They bought the cancer and sold the car crash ...
Rose Garden / White House:
President Bush Discusses Economy — THE PRESIDENT: Good morning. I thank Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox for joining me today. — This is a pivotal moment for America's economy. Problems that originated in the credit markets …
Johanna Neuman / The LA Times President Bush Blog: Bush on Wall Street meltdown: taxpayers on the line
New York Times:
For Rivals, Finance Crisis Is Posing on-the-Fly Tests -- The financial crisis has turned the race between Senators John McCain and Barack Obama into an audition for who could best handle a national economic emergency...
Graham Bowley / New York Times:
Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling
Putting a Price Tag on a Government Bailout
Board of Governors of the Federal Reserve System: For release at 8:30 a.m. EDT
Jeff Jarvis / BuzzMachine: The moral imbalance of bailouts
Paulson Takes Page From Rubin, Tapping Treasury Rainy-Day Fund -- An obscure U.S. Treasury Department fund that Robert Rubin once used to save the Mexican economy may provide cash to preserve the savings of investors in U.S. money-market mutual funds.

The Treasury will use the $50 billion Exchange Stabilization Fund to insure publicly offered retail and institutional funds, the department said in a statement. The move comes after the Reserve Primary Fund this week became the first in 14 years to break the buck, or drop below $1 a share, exposing investors to losses...
Get Shorty: SEC Is Set to Issue Temporary Ban Against Short SellingGet Shorty

Wall Street Journal:
SEC Is Set to Issue Temporary Ban Against Short Selling — The Securities and Exchange Commission prepared an aggressive assault against short-sellers, saying it would temporarily prevent investors from making bets on stock declines in an attempt to stem some of the worst stock-market slides in years …
Barry Ritholtz / The Big Picture:
Terror Attack on US Financials? Details of SEC Short Ban — Is anyone investigating whether this is a case of financial terrorism? ... its an interesting theory, one that seemed kinda out there -- until last night's emergency action. Nothing else really explains the insanity of banning short sales...

Associated Press:
SEC bans short-selling — WASHINGTON - The Securities and Exchange Commission took the dramatic step early Friday of temporarily banning the routine practice of betting against company stocks. — The move, announced on the agency's Web site, may well be unprecedented and a reflection …
Discussion: Vox Popoli and Cafe Hayek
Ian Welsh / Firedoglake:
SEC Panic Raises Odds of Major Market Meltdown
Barry Ritholtz / The Big Picture: SEC: Ban All Short Selling
Joanna Chung / Financial Times: SEC weighs ban on short selling
Wall Street Journal:
McCain Says Cox Should Be Fired As SEC Chief Amid ‘Casino’ Markets
Infectious Greed:
The Blame Game (II): Credit Rating Agencies are Rug Pee-ers -- Prominent in the vast and ever-growing bestiary of people being blamed for the ongoing financial crisis are the credit rating agencies. It is their ongoing downgrades of structured paper -- stuff on which they slapped triple-A ratings a few years ago during a fog of slavish stupidity -- that has gutted the balance sheets of so many firms, causing them to keel over precipitously...

First, credit rating analysts are generally sweet people, but they're not universally the sharpest tools in the financial shed...
Bankers Ball:
Lonely Lehmanites Turn to (What Else) Craigslist -- Laid off bankers + free time = ???? You tell me. There’s a rash of posters on good ole’ CL using the Lehman sob story to score some sympathy from the ladies, among other things. Everything is coming out of the woodwork...
Of general interest:

BestCollegesOnline: 100 Awesome Blogs for History Junkies

Laura James Esq. / CLEWS:
Grisham: Innocent of Libel -- Following the release of his first non-fiction book, The Innocent Man, Grisham found himself sued for defamation along with a host of others who had written about the wrongful conviction of Ron Williamson and Dennis Fritz for the 1982 murder of Debbie Carter in Ada, Oklahoma...

Long story short, the judge disagreed [with the libel claim]. In a decision released a couple days ago, the judge dismissed the case, remarking, as the Associated Press is reporting, that "The wrongful convictions of Ron Williamson and Dennis Fritz must be discussed openly and with great vigor." ...

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