Items of Interest:
The Huffington Post:
Administration Officials Met With Laughter At Bailout Briefing — Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner's new financial-sector bailout project, according to people who were in the room...
discussion:related:William K. Black / The Huffington Post: The Audacity of Dopes
Frank James / The Swamp: Lawmakers laughed at Geithner plan
The Politico: Geithner's bear of a day...
Zachary Roth / TPMMuckraker: Ex-IMFer On Geithner's Speech: “This Is Not A Plan”Steve Benen / Washington Monthly: UNWELCOME UNCERTAINTY.... Just nine days ago, Paul Krugman …Prairie Weather: Geithner and confidence — The way I read Geithner's speech …
After the speech, time for a drink -- I might have more confidence in Treasury Secretary Tim Geithner if he looked like he could order a drink without getting carded. And he definitely is going to need a drink or two in the months ahead. We all will.
And that is because financiers on Wall Street have been drunk for years. Drunk on power. Drunk on ego. Drunk on greed.
And now we must reward them for it. That is the essential message of Geithner, his boss Barack Obama and their financial bailout plan....
discussion:Frank James / The Swamp: Obama oversold Geithner appearance
discussion:Peter Catapano / The Opinionator: They Really, Really Don't Like It — Reaction to the day's events …David Malpass / The Corner: Why Markets Don't Like the Geithner PlanRobert Reich / Robert Reich's Blog: What Geithner Needs to Do — The tab may be close to $2 trillion.Scarecrow / Firedoglake: Market Drops After Hearing Geithner Plan
Nationalization After All -- If I’m reading this correctly, Timothy Geithner’s financial rescue plan actually might lead to bank nationalizations after all. The key thing is provision 1b of [The Treasury] fact sheet.
Matt Nesto / CNBC: Is Tim Geithner Just a Paulson Sequel?
Martin Wolf / FT: Why Obama’s New TARP Will Fail To Rescue The Banks
Daniel Gross / Slate: Trust Geithner's Pessimism over Obama's Rhetoric
discussion:Greg Sargent / The Plum Line: Axelrod Denies Losing Internal Battle To Geithner Over BailoutMyglesias / Matthew Yglesias: Geithner vs AxelrodJane Hamsher / Firedoglake: Liveblog: Geithner Before Senate Banking CommitteeJohanna Neuman / Top of the Ticket: Treasury's Tim Geithner offers tough love to Wall Street but market tanksDday / Hullabaloo: Geithner Backs The ElitesPamela Leavey / The Democratic Daily: Bank Bailout Redux
Senate Approves Stimulus Plan -- The Senate voted on Tuesday to approve an $838 billion economic stimulus plan that stands to become the most expansive anti-recession effort by the United States government since World War II...
Despite numerous differences in the two bills approved in the Senate and the House, the overall scope of the economical recovery effort is now clear — sprawling in its reach, with tax cuts for individuals, families and businesses, assistance for jobless and low income Americans, aid to states, and huge spending on education, healthcare, energy and technology.
The Senate approved its bill most along party lines, by a vote of 61 to 37, with three Republicans joining 56 Democrats and two independents in favor. (There is one vacancy in the Senate, from Minnesota, and Senator Judd Gregg of New Hampshire, a Republican nominated to become Mr. Obama’s Commerce Secretary, did not vote.)..
discussion:Steve Aquino / MoJoBlog: The Six Worst Tax Cuts in the Senate's StimulusDavid Rogers / The Politico: $838B stimulus clears SenateWashington Post: Senate Passes Economic Stimulus BillAlex Koppelman / Salon: Centrists warn: Our stimulus plan or nothingMark Silva / The Swamp: Senate passes stimulus: ‘A good start’Kate Phillips / The Caucus: Start the Clock: Stimulus Shifts to Conference and CompromiseSteve Benen / Washington Monthly: ‘CENTRISTS’ ARE DONE COMPROMISING.... This afternoon, as expected …Donald Douglas / American Power: Senate Approves Economic StimulusJoel / Alan Colmes' Liberaland: On Tuesday's Radio Show...Dan / Riehl World View: Target: Specter, Snowe And CollinsPamela Leavey / The Democratic Daily: Stimulus Package Passes in Senate
How the World Almost Came to an End on September 18, 2008 -- LiveLeak has caught a scary moment of previously undisclosed insight by [Congressman] Paul Kanjorski where he reveals some facts that have not been captured by the media previously. At 2 minutes and 20 seconds in the video below, Democratic Representative Kanjorski explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occurred over the period of an hour or two. And it gets worse...
Farewell to 'for sale by owner'? -- The real-estate wipeout's collateral damage on listings Web sites.
Not long ago, for sale by owner (FSBO) Web sites were heralded as a fresh entrepreneurial wave that was going to upend the staid real estate industry. In 2006 real estate sales "unassisted" by a broker accounted for 20% of sales made, says Steve Murray, editor and owner of Real Trends, a market research firm in Castle Rock, Colo.
Then the bubble burst. During the past four years, David Zwiefelhofer, who designs FSBO Web sites and sells them to real estate entrepreneurs, has sold about 50 regional FSBO sites through his company, FSBOWebsite.com. Only 30 to 35 are still operating...
- The Recent History of Gold, 1954-2009 - Barry Ritholtz, Big Picture
- What Happened to Clive Crook? - Paul Krugman, Conscience of a Liberal
- Recession? No, It's a D-Process, and It'll Be Long - Sandra Ward, Barron's
- Another Reason Why the CEO Pay Cap Is a Joke - Jim Jubak, MSN Money
- Holding Wall Street's Feet to the Fire - Charlie Gasparino, Daily Beast
- Answering Andrew Ross Sorkin's 10 Questions - Felix Salmon, Portfolio
- 10 Tips for Taxpayers Hit by the Recession - Tara Bernard, New York Times
- Protect Your Money, Buy Some Real Estate - Martin Sumichrast, TheStreet
- Atkins: 'I Think the SEC Was Distracted' - N. Gillespie & M. Welch, Reason
- Blackstone's Schwarzman Stands Defiant - Jason Kelly, Bloomberg Mag
- What's Your MBA Degree Really Worth? - Lindsey Gerdes, Business Week
- It's the Bank Bill That Really Matters - Brian Wesbury & Bob Stein, Forbes
- Up Next for Bankers: A Flogging - Andrew Ross Sorkin, New York Times
- Congress Misreads Public Anger at Wall Street - Caroline Baum, Bloomberg
- Greed Is Good, but Pay Cuts Are Better - David Weidner, MarketWatch
- When Insurance Fraud Becomes Gov't Policy - Bill Frezza, RealClearMarkets
- Buy American, Buy Depression - Editorial, Investor's Business Daily
- Why Nationalization Isn't a Dirty Word - Richard Parker, Newsweek
- The Economy Needs Government Help - Eugene Robinson, Washington Post
- If Left Alone, Economies Never Fall Into Recession - John Tamny, RCM
- There's No Free Lunch - Gary Becker & Kevin Murphy, Wall Street Journal