treasury dept.

White House Throws GMAC $6 Billion Rescue Line

Remember when the Bush administration was opposed to tapping the $700 billion Wall Street bailout to help Detroit’s Big Three?
Fugetaboutit.
The Treasury Dept. announced last night that it will spend $6 billion from that fund to bail out GMAC, the flailing auto finance company whose reluctance to lend to riskier loan applicants has contributed significantly to [...]

Dodd: Auto Bill Could Include Foreclosure Help As Well

It’s no secret that some powerful Democrats are none too pleased that the Bush administration has refused to use the $700 billion Wall Street rescue to help struggling homeowners facing foreclosure. Yesterday, Senate Banking Committee Chairman Sen. Chris Dodd (D-Conn.) floated a possible remedy, suggesting that any Detroit bailout coming down the pipe might also [...]

GOP Also Calls for More Bailout Transparency

It’s not only Democrats who want some answers about the Treasury Dept.’s Wall Street bailout strategy. House GOP leaders are also wondering where all those taxpayer dollars are going — and what good they’re doing.
In a Dec. 3 letter to Treasury Sec. Henry M. Paulson Jr. and Federal Reserve Chairman Ben Bernanke, the Republicans questioned [...]

The Big Guns Are Out

President George W. Bush, the Treasury Dept., the Federal Reserve and the Federal Deposit Insurance Corp. are all out in force today, as they should be. You own a piece of some of our biggest banks today.
Bush went first, explaining to the American people that Washington will invest $250 billion in the nation’s banks. The [...]

Yes, It is Time to Panic

Today should be another scary day on Wall Street, but we’ve got bigger problems. Across the board, economists are calling for global action on the credit crisis — and soon. Very soon. Like no later than this weekend.
From Nouriel Roubini, famous for having predicted this whole mess: