financial meltdown
Recession Stirs Advocates for a Fully-Nationalized Medicaid
Last week, we wrote about the budget troubles facing states in this sputtering economy, with nearly half of them already proposing or enacting cuts to Medicaid. The reason is clear: 49 states have some form of legal balanced-budget requirement, and Medicaid, which is paid with a combination of state and federal funds, eats an enormous [...]
Santa Versus the Financial Meltdown
Via Calculated Risk, here’s something that might at least make you smile, after my earlier, depressing post describing Lex at the Financial Times arguing that we do nothing while the foreclosure machine rolls on:
The Socialist Bush Administration?
As the Wall Street bailout program morphs from one helping banks to one benefiting insurers and (perhaps) automakers, the Bush administration is having a hard time explaining what rules are dictating the process — and where it’ll draw lines of eligibility.
It’s an unlikely spot for a conservative White House that once lived and died railing [...]
Time to Fix the Bailout of all Bailouts
Economist and former Labor Sec. Robert Reich, who spoke out early and forcefully in opposition to the $700-billion Treasury Dept., rescue plan, is back again, this time calling to “Amend the Bailout of all Bailouts.”
Instead of quickly passing a stimulus package, Congress should concentrate on putting some conditions on that bailout, Reich said, considering Wall [...]
The Maestro Speaks — and He’s Not Blaming the CRA
Friend of the site Charles Morris points out something many people might have missed in former Federal Reserve Chairman Alan Greenspan’s testimony Thursday before Congress.
Headlines noted that Greenspan acknowledged his misplaced faith in the ability of free markets to correct themselves. But he also did something else — he didn’t point to the Community [...]
Candidates’ New Economic Plans, Take 2
Republican presidential nominee Sen. John McCain announces his new economic plan today, just after his rival, Sen. Barack Obama, the Democratic nominee, grabbed headlines on Monday with his new economic plan. I would expect at Wednesday night’s debate to hear the two argue over their new economic plans. As opposed to their old [...]
Heeeerrrrrrre’s Johnny!
This Thursday, Sen. John McCain, a day after the third and final debate with his Democratic rival, Sen. Barack Obama, will return to the Ed Sullivan Theater and appear on “The Late Show with David Letterman.”
You’ll remember that he canceled an appearance on the show last month when he dramatically “suspended” his campaign to fly [...]
Subprime RIP
Mortgage Insider tallies up the carnage among subprime lenders since the foreclosure crisis began — and it’s grim:
The list of major subprime lenders for 2006 and 2007 resembles the casualty roster from the Battle of Verdun in World War I. Only difference: way fewer walking wounded this time.
Of the 30 biggest subprime home lenders in [...]
Hyperventilating on the Bailout
Treasury Sec. Henry Paulson tried to push Congress into accepting the administration’s bailout plan. But the House pushed back. Hard.
Obama Talks Bailout with Bush
Reno, Nev. - Sen. Barack Obama spoke with President George W. Bush this morning about the proposed bailout plan, in advance of a university rally here.
The Democratic nominee spoke with the president “about the need to push for a package that Congress can agree on,” Obama spokesman Robert Gibbs told the traveling press corps. “Sen. [...]
