treasury dept.

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 [...]

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 [...]

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 [...]

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 [...]

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: