Items of Interest:
Plan to Help Banks Clear Their Books Is Halted -- The Federal Deposit Insurance Corporation indefinitely postponed a central element of the Obama administration’s bank rescue plan on Wednesday, acknowledging that it could not persuade enough banks to sell off their bad assets...
Selling off the troubled mortgages, even with government help, would force banks to mark down the loans and book big losses...
NY Fed President on PPIP -- Dudley’s TALF Comments Add Signs of a PPIP Stall. The Federal Reserve may not start lending against residential mortgage-backed securities under its Term Asset-Backed Securities Loan Facility, Federal Reserve Bank of New York President William Dudley indicated.
David Zaring / Conglomerate: PPIP Set Back Once More
The Baseline Scenario / Economics Roundtable: Legacy Loan Program Called Off
Mary Kathleen Flynn / Dealscape: FDIC to test bad asset sales next month
The Fed's exit strategy — We talk to Timothy Geithner's successor at the New York Fed WILLIAM DUDLEY, the president of the Federal Reserve Bank of New York, spoke to The Economist recently and shared his thoughts on quantitative easing and exit strategy. We discuss these issues in this week's print edition, and there's a longer, accompanying Q&A that you can ...
How the banks own Congress, part XVI — As presented in a (publicly accessible) blockbuster Wall Street Journal article today, "Congress Helped Banks Defang Key Rule" the case is clear. The financial industry, eager for changes in accounting rules that would boost their balance sheets, lobbied Congress intensively. In a rare display of bipartisan amity, both Democrats and Republicans ...
discussion:DealBook / NY Times:
Felix Salmon / Economics Roundtable :
How the regulatory sausage is made, mark-to-market edition
S.E.C. Accuses Countrywide's Ex-Chief of Fraud -- Angelo R. Mozilo, the Bronx-born businessman who built Countrywide Financial into the nation's largest mortgage lender before it was knocked down by the credit crisis, has been charged with securities fraud and insider trading in a civil suit brought by the Securities and Exchange Commission....
SEC charging ex-Countrywide CEO Mozilo with fraud — Former Countrywide Financial CEO Angelo Mozilo and two other former officials of the mortgage giant were charged with fraud by federal regulators Thursday in the first government lawsuit against top corporate executives for actions related to the financial crisis. ...
Rising Interest on Nations’ Debts May Sap World Growth -- Countries worldwide are paying higher interest rates on their expanding debt, which could translate into hundreds of billions of dollars more in spending. discussions ...
Zac Bissonnette / BloggingStock:
Peter Peterson gives $1 billion to anti-national debt group — Blackstone Group co-founder Peter Peterson has elected to donate $1 billion -- which he calls the "vast majority" of his "net proceeds" from the company -- to his very own Peter G. Peterson Foundation. The foundation prints a mission statement on its website: Our mission is to increase public awareness of the nature and urgency of key economic ...
Paul Kedrosky / Infectious Greed:
Sovereign Debt Repayment in S**t -- While we worry about the U.S. inflating away its debts, that wouldn't be so bad, historically speaking. Back in the late 19th century Peru was repaying its debt obligation in guano proceeds ...
California Housing: Good as 1988 Gold -- Chart showing California property prices in terms of gold dating back to 1975. Prices have now returned to 1988 levels.
- There's a Clear Risk of a Double-Dip Recession - Nouriel Roubini, Forbes
- Staying Rich in the 'New Normal' - Bill Gross, PIMCO
- Preparing for a Summer of Discontent - Steven Sears, Barron's
- We're in a Rally Led by 'Junk Stocks' - Ben Steverman, BusinessWeek
- Banks' Bailout Escape Not So Simple - Lauren Tara LaCapra, TheStreet.com
- Free Money Beckons at Bank of the Living Dead - Jonathan Weil, Bloomberg
- Are IPOs Making a Comeback? - Jon Markman, MSN Money
- The Bankruptcy of General Motors: A Giant Falls - The Economist
- The Real Suckers Are In Cash - Robert Lenzner, Forbes
- Buffett Is Less Bullish on U.S. Than You Think - Alice Schroeder, Bloomberg
- Why Investor Confidence Plunged - Holman Jenkins, Policy Review
- V-Shaped Recovery Outlook Is in Vain - Bob Rodriguez, Barron's
- It's the Economy, Stupid - Karl Rove, Wall Street Journal
- The End of the Free Market? - Marshall Loeb, MarketWatch
- The Failed Promise of U.S. Innovation - Michael Mandel, BusinessWeek
- General Motors Goes to the Garage - John Gapper, Financial Times
- GM's Desperate Final Days - Alex Taylor, Fortune
- We Face Major Medical Choices - Diana Furchtgott-Roth, RealClearMarkets
- Obama Risks Catastrophe on Healthcare - William Galston, New Republic
- Healthcare: Obama Shoots Down CBO Warning - Andrew Biggs, American
- Germany's Banking System Is Going From Bad to Worse - The Economist
- Those Famed Green Shoots Have Shallow Roots - Michael Farr, CNBC
- When the Yield Curve Steepens, the Economy Is Recovering - Carpe Diem
- Could Mitt Romney Fix General Motors? - Cyrus Sanati, Dealbook
- Will Help from the Stimulus Bill Come Too Late? - Keith Hennessey
- Comparing President Obama to Comrade Gorbachev - Economix
- Barry Ritholtz: How Greed Destroyed American Economy - Daniel Gross, Slate
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