SubscribeAll Posts Tagged With: "TARP"
Market Rallies and Rhymes: Prepare Yourself Now
Mark Twain said, “History doesn’t repeat itself, but it does rhyme.”
Right now, investors and traders are getting ready for it to rhyme again.
Earlier this week, the government felt the stock market was getting a bit too low again. Our great leaders delved into their ever-shrinking bag of tricks and pulled two of them out. In the process, they sparked the strongest rally since last summer when they stepped in.
Barney Frank, the House Financial Services Committee Chairman, told reporters he has spoke to the Securities and Exchange Commissioner and said, “I am hopeful the uptick rule will be restored within…
13Mar2009 | Q1 Publishing | 0 comments | ContinuedGeithner Aims at TARP Overhaul, Regulatory Changes Soon to Come
U.S. Treasury Secretary-nominee Timothy Geithner told the Senate Finance Committee yesterday (Wednesday) that drastic measures are needed to combat the U.S. recession and promised to overhaul the beleaguered $700 billion Troubled Assets Relief Program (TARP).
Testifying after former Fed Chairman Paul Volcker, Geithner told the committee the United States is facing “the mother of all financial crises.” Geithner also urged Congress to quickly pass a robust stimulus plan, Bloomberg News reported.
“If our policy response is tentative and incrementalist, if we do not demonstrate by our actions a clear and consistent commitment to do what is necessary to solve the problem, then we…
22Jan2009 | Money Morning | 0 comments | ContinuedThe Last Bastion of the U.S. Economy Is In Full Retreat
In previous economic slowdowns, it was always consumer spending that kept the American economy afloat. Millions of Americans continued shopping at malls, buying cars, ordering gadgets through the mail and TV and otherwise putting their wallets and purses on the line. It was always the brave American consumer rushing unto the breach to beat off the demons of economic gloom and uncertainty.
But not this time, it seems. Retail sales have now declined for the sixth straight month.
The U.S. Census Bureau announced that advance estimates of U.S. retail and food services sales for December (adjusted for seasonal variation and holiday and…
15Jan2009 | Oxbury Research | 0 comments | ContinuedObama Urges Congress to Jump-Start U.S. Economy with Tarp Funds
President-elect Barack Obama yesterday (Monday) asked Congress to release the remaining $350 billion in bank bailout money that’s part of the $700 billion Troubled Asset Relief Program (TARP).
In a letter addressed to the leadership of both the U.S. Senate and the House of Representatives, top Obama economic aide Lawrence H. “Larry” Summers highlighted five key reasons the incoming president is seeking use of what remains of the U.S. Treasury Department’s $700 billion TARP.
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Summers, the director-designate of the National Economic Council,…
13Jan2009 | Money Morning | 0 comments | ContinuedBank Bailout: U.S. Treasury Department Mishandles Taxpayer Money
This is the sixth article in a series by Money Morning which examines banking’s use of the bailout money. Please leave us your thoughts and opinions — we’d be pleased to hear from you.
The U.S. Treasury Department has done nothing to make sure $700 billion in taxpayer-provided bailout money is used to buttress the weak U.S. mortgage market, which was the catalyst for the growing global financial crisis, congressional watchdog Elizabeth Warren said Friday.
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Warren, who heads a congressionally appointed…
12Jan2009 | Money Morning | 0 comments | ContinuedWhite House Opens TARP to Auto Industry after Congress Fails to Approve Loans
The Bush administration Friday dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate balked at approving $14 billion emergency loans.
“Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” Treasury spokeswoman Brookly McLaughlin said in a statement.
No specific announcement of a bailout was made, as there is still time before General Motors Corp. (GM) and Chrysler LLC – the companies in most at risk of foreclosure – run out of cash. However, the…
15Dec2008 | Money Morning | 0 comments | ContinuedBillions in U.S. Bank Rescue Funds are Fueling Buyouts Worldwide – Instead of Lending at Home
Bank of American Corp. (BAC), which is getting $15 billion from the U.S. government as part of the Treasury Department’s $250 billion “recapitalization” effort, is doubling its stake in state-owned China Construction Bank Corp., and will hold a 20% stake worth $24 billion in China’s second-largest lender when that deal is finalized.
PNC Financial Services Group Inc. (PNC), which will get $7.7 billion from Treasury’s Troubled Assets Relief Program (TARP), is using that cash infusion to help finance its $5.2 billion buyout of embattled National City Corp. (NCC).
And U.S. Bancorp (USB), which received a $6.6 billion capital infusion from that same rescue…
5Dec2008 | Money Morning | 0 comments | Continued
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