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Posts Tagged ‘Wall Street

Bush signs historic bill. “well, ok, if it really means so much to you,” says Congress.

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Washington, D.C., October 3rd, 2008, (Reuters).- With the economy on the brink of meltdown and elections

Bush signing the bailout bill with BIG LETTERS so as it's clear he did sign it.

Bush signing the bailout bill with BIG LETTERS so as it's clear that he did sign it.

looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry.

“This is just exaclty how taxpayer’s money should be spent, in only supa-dupa necessary expenses like this,” said Bush as he signed the bill with his $10,000 dollars Montblanc pen.

“We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country, we saved our CEOs” Bush said shortly after the plan cleared Congress, although he conceded, “Our economy continues to face serious challenges. For example, private swimming pools are still not tax deductible.”

The 263-171 vote capped two weeks of tumult in Congress and on Wall Street, punctuated by urgent warnings from Bush that the country confronted “the gravest economic disaster since the Great Depression if lawmakers failed to act.”

“I have no idea how this happened, but we either spend billions on this bailout, or the American taxpayers and citizens could end up losing a lot of money.”

The rescue didn’t stop the Dow Jones from dropping 157 points. In addition to that, the Labor Department said earlier in the day that employers had slashed 159,000 jobs in September, the largest cut in five years.

“Let’s not kid ourselves: We’re in the midst of a recession. But it’s necessary to avoid a recession.” said Rep. John A. Boehner, R-Ohio, the minority leader, as he prepared to cast his vote for the most sweeping federal intervention in markets in decades.

Treasury Secretary Henry Paulson pledged quick action to get the program up and operating. “We can’t have bankers go without purchasing power for Xmas presents this holiday season,” he commented.

White House asks Americans go to into a $700B debt to help Americans who are in debt.

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WASHINGTON – The Bush administration is asking Congress to let the

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained by The Associated Press.

The plan would give the government broad power to buy with tax payer’s money the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance. When asked about this, the president said “Oppsie!”

“We’re going to work with Congress to get a bill done quickly,” President Bush said at the White House. Speaking fast so as not to discuss the details of the plan, he said, “This is a big package because it was a big problem. There’s no need to worry now on who’s to blame for this economy crisis, which really isn’t a crisis because the economy is sound solid, but we’ll manage to blame it on the terrorists eventually.”

Administration officials and members of Congress were to negotiate throughout the weekend in a non-disclosed spa-resort with casino on how to best use the taxpayers’ money in order to avoid dire economic consequences.

Bush said he’s making average citizens take on the biggest debt since the depression because he’s worried the financial troubles could “ripple throughout” the economy and affect average citizens. “The risk of doing nothing far outweighs the risk of the package, and over time we’re going to get a lot of the money back. It shouldn’t take more than 50 or 70 years.”

He added, “For some obscure reason which I can’t begin to phantom, people are beginning to doubt our system, people were losing confidence and I understand it’s important to have confidence in our financial system.”

“In my judgment, based upon the advice of a lot of people who know how markets work because I certanly don’t, this problem wasn’t going to be contained to just the financial community,” the president said. He said he was concerned about “Sesame Street” and that what happens on “Wall Street” affects “Sesame Street” right before one of Dick Cheney’s aides came to correct him.

Written by Flippyman

September 20, 2008 at 8:08 pm

The Government suspends stock trading to stop market meltdown

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Moscow, Russia (or New York, NY?), September 17th, 2008, (Reuters).- Today, the government suspended

This graphic shows how the markets and the economy are solid and sound. Nobody knows where though.

This graphic shows how the markets and the economy are solid and sound. Nobody knows where though.

trading on its two main stock markets for a second day Wednesday as shares nosedived and officials pledged 44 billion dollars to fight collapsing investor confidence.

The move came a day after stocks suffered their worst drop since the 1998 financial crisis, with the RTS falling 11.47 percent Tuesday and the MICEX down 17.45 despite a one-hour suspension of trading on both markets. Analysts aren’t sure if this happened in Moscow or Wall Street.

Meantime, candidates are adjusting their messages to adjust to the reality.

Democratic hopeful Barack Obama talks directly into the camera in his new ad on how on he’ll fix an economy in which “paychecks are flat and home values are falling. Unless there is change, my change, your 1.6 million dollar houses, like mine, will be worth only 1 million in the next 4 years.”

On the other hand, McCain and running mate Sarah Palin softened opposition to government bailouts, accepting the U.S. takeover of the nation’s largest insurer as unfortunate but necessary to protect ordinary American seven house owners.

“The shot that has been called by the Feds — it’s understandable but very, very disappointing that taxpayers are called upon another one,” Palin told reporters during a visit to delicatessen in Cleveland. It wasn’t clear if she was meaning the bailout, the campaign expenses or the cost of both recently held national conventions.

Written by Flippyman

September 18, 2008 at 1:21 am

Paulson: Bush right on Wall Street `hangover’ quip

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At a fundraiser in Houston, Bush declared "Wall Street got drunk and it got a hangover. In fact the American economy is like a drunk; irresponsible, full of bravado and indulging in reckless spending.

At a fundraiser in Houston, Bush declared "Wall Street got drunk and it got a hangover. In fact the American economy is like a drunk; irresponsible, full of bravado and indulging in reckless spending.

Beijing, China, August 10th, 2008, (Reuters).- Treasury Secretary Henry Paulson said “absolutely there’s a lot of truth” to President Bush’s comment that Wall Street “got drunk and now it’s got a hangover,” in understanding the current economic climate.

“It’s actually very, very simple. See, in terms of Wall Street, there was too much leverage in the system and more leverage than was appropriate and more than people recognized, because the leverage came into the system in the form of highly complex, structured products, which were difficult to understand,” Paulson said. “So there was excess leverage, excess complexity. See, I told you it was very simple,” he ended.

Paulson also offered a 218-page simplification blueprint for overhauling regulation of the nation’s financial system by reducing government expenses. The plan would create three super agencies with power over the financial industry and would involve the construction of 9 goverment buildings, the purchase of 56 government cars and the hiring of 29 government officials’ bodyguards.

“We sized that program to say, `How could we do something that will be meaningful this year but not so big that it would jeopardize some of our long-term priorities and our fiscal priorities in balancing the budget?’ So again, my view would be to reduce trivial and unnecessary government expenses,” stated Paulson from Beijing, where he, president Bush and several other US government officials are on taxpayer-funded vacations, watching the games and visiting tourist destinations.

Written by Flippyman

August 11, 2008 at 5:57 am