Items of Interest:
Financial Crises Spread in Europe -- European nations scrambled on Sunday night to prevent a growing credit crisis from bringing down major banks and alarming savers as troubles in financial markets spread around the world, accelerating economic downturns on three continents.
The German government moved to guarantee all private savings accounts in the country on Sunday, hoping to reassure depositors who had grown nervous as efforts to bail out a large German lender and a major European financial company failed...
New Zealand Sees Wider Deficits as Economy Contracts -- New Zealand's government said its budget deficit will be almost twice as large as earlier forecast amid the economy's first recession in 10 years and a deepening global financial crisis...
Discussion:Heidi N. Moore / Deal Journal: Meet Neel Kashkari: The Man With the $700 Billion WalletTobin Harshaw / The Opinionator: The Kid Is Alright ... Right?Brad DeLong / Grasping Reality with Both Hands: Good Luck, Neel KashkariJosh Marshall / Talking Points Memo: HE'S IN CHARGE? — For all I know this guy's a friggin' genius.Michelle Malkin: It's pronounced “Cash Carry”Jill Miller Zimon / Writes Like She Talks: Paulson's bailout chief: 35 yo from Stow, OH, who, w/wife, gave $4K to BushKen Houghton / Angry Bear: How NOT to Manage a Taxpayer-Funded Bailout
Treasury Officials — Neel Kashkari — Interim Assistant …
Discussion:Rob Kall / The Huffington Post: Meet the $700 Billion Bailout Czar, Neel KashkariDeborah Solomon / Wall Street Journal: Paulson to Tap Adviser to Run Rescue ProgramDavid Cho / Washington Post: Paulson Adviser To Oversee RescueMyglesias / Matthew Yglesias: All Your Financial System Are Belong to Neel KashkariRob Kall / OpEdNews: Meet The $700 Billion Bailout Czar
Tyler Cowen / Marginal Revolution:
What caused the financial crisis?
Myglesias / Matthew Yglesias: How To Succeed In Business Without Really Trying
Discussion:BJ Bjornson / Newshoggers.com: Poison Pill - ContinuedJohn Cole / Balloon Juice: The Bailout to Nowhere — I guess the credit crisis isn't that bad …Rob / Say Anything: Irony: Many Wall Street Banks May Not Be Participating In Government BailoutIzoneguy / www.redstate.com: Government cannot be the cure allMcQ / QandO: BAILOUT? ER, NO THANKS ...
Congressional Scrutiny of the Wall Street Continues
Discussion:TChris / TalkLeft: Waxman Wants to Work
Nervous Days as Consumers Tighten Belts -- Cowed by the financial crisis, American consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse before it gets better.
In response to the falling value of their homes and high gasoline prices, Americans have become more frugal all year. But in recent weeks, as the financial crisis reverberated from Wall Street to Washington, consumers appear to have cut back sharply...
Pressured to Take More Risk, Fannie Reached Tipping Point --
“Almost no one expected what was coming. It’s not fair to blame us for not predicting the unthinkable" — Daniel H. Mudd, former chief executive, Fannie MaeWhen the mortgage giant Fannie Mae recruited Daniel H. Mudd, he told a friend he wanted to work for an altruistic business. Already a decorated marine and a successful executive, he wanted to be a role model to his four children — just as his father, the television journalist Roger Mudd, had been to him...
The Reckoning: Agency’s ’04 Rule Let Banks Pile Up New Debt
Citigroup, Wells May Carve Up Wachovia in Compromise, WSJ Says
- Citigroup Says Judge Suspends Wachovia Deal
- Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia
Foreclosures and the Right to Vote -- The foreclosure crisis could do considerable damage to the nation’s voting system. More than a million people have lost their homes in the past two years. And because voter registration is based on people’s residences, they could face politically motivated challenges at the polls...
- Chaotic Day Ends With Stocks Down 3.8%- Michael Grynbaum, NY Times
- It's Nonsense To Blame Crisis on Deregulation - Sebastian Mallaby, WaPo
- How Do We Get Credit Flowing Again? - Randall Forsyth, Barron's
- Markets Need More Than Random Acts of Congress - C. Baum, Bloomberg
- A Plan To Undo Bush-Era Follies - Joseph Stiglitz, Vanity Fair
- Not Everyone Should Own a Home - Janet Albrechtsen, Wall Street Journal
- Citigroup Wants Its Wachovia Bailout Deal - Colin Barr, Fortune
- Cut To 1%--Now! - Brian Wesbury & Robert Stein, Forbes
- The U.S. & The New Financial World - Zachary Karabell, Wall Street Journal
- How Will We Know If the Bailout Succeeds? - Robert Litan, The Atlantic
- Will the Government's Rescue Plan Work? - Michael Spence, Forbes
- Is This a Replay of 1929? - Robert Samuelson, Washington Post
- The Next Crisis: The Economy - Bill Fleckenstein, MSNMoney
- SARS Response Offers Credit Panic Lesson - Kevin Hassett, Bloomberg
- Like J.P. Morgan, Buffett Braves a Crisis - Steve Lohr, New York Times
- Europe Shifts the Blame to the U.S. - Irwin Stelzer, New York Post
- The End of An Era - Michael Malone, Pajamas Media
- We Must Have Confidence in Banks - Anatole Kaletsky, Times of London
- Wall Street's Decline: A Silver Lining? - Alfred Tella, Washington Times
- What Will The Street Look Like in '09? - James Cramer, New York Magazine
- Deregulation Isn't an Innocent Bystander - Kevin Drum, Mother Jones
- Government Equity in Private Companies: Bad Idea - Becker-Posner Blog
- Global Liquidity Crisis: What Now? - P. du Plessis, Postcards from Cape Town
- What Caused the Financial Crisis? - Mark Thoma, Economist's View
- The Mad Legal Dash for Wachovia - Steven Davidoff, Deal Professor
- Will Paulson’s Two Plans Unplug the ‘Liquidity Trap'? - Economix
- Let's not consign the United States to the dustbin of history just yet - Marcus Gee, Globe & Mail
- A Gloomy Picture for Hedge Funds; Bailout Planners Fight Exhaustion - NY Times
- End of an Era on Wall Street: Goodbye to All That - NY Times
- Only Paulson Knows What Happens Next - Chadwick Matlin, The Big Money
- Now We Face the Hard Part - Brian Wingfield, Forbes
- Rescue Plan Will Rebuild Market Confidence - Donald Luskin, SmartMoney
- Why Paulson's Ploy May Not Work - Martin Waller, Times of London
- A Shameful Week In Washington - Editorial, The New Republic
- What Does Paulson Do Now? - Jane Sasseen, Business Week
- Now For The Hard, Post Bailout Part - Editorial , Washington Post
- Hard Times for Hedge Funds - Editorial , Financial Times
- Japan's '90s Solution Is a Lesson Now - Bill Emmott, Daily Telegraph
- Anxiety On Economy Wins Out - Joe Nocera, New York Times
- In Other Words for October 4, 2008 - Adam Sommers, New York Daily News
- Buffett's Big Financial Bet - Editorial, Wall Street Journal