When it comes to government spending, everyone has an opinion. And Tuesday's announcement of another $800 billion bailout that's designed to unfreeze the nation's market for consumer debt has drawn mixed reviews from Southland business leaders, economists and political figures.
... Feature, we analyze massive government bailouts of financial institutions as an example of a class...Equity markets tumbled, debt markets froze, and banks stopped lending. Brand-na..., the creation of a new Bureau of Consumer Financial Protection, as part of the financial ref...
Between the 1980s and the present, the United States moved in three unfortunate directions: first, the adoption of public and private debt as both an economic nostrum and culture; second, the pursuit of a neo-mercantilist policy (bailouts and other policy biases) that all but anointed finance (rather than highvalue-added manufacturing) as the Washington-favored U.S. sector; and third, abetting an economic realignment through which manufacturing fell from some 25 percent of GDP in the 1970s to 12 percent in 2006, while financial services jumped from 12 percent in the 1970s to between 20 percent and 21 percent during the 2003-2006 period.\n Anyone who expects the Democrats to take the lead in re-enacting portions of Glass-Steagall in 2009 should remember that the three most conspicuous pr...
...When reckless expansion of consumer, corporate, or financial debt would go sour, the g...
Wall Street sinks NEW YORK -- The latest setback in Greece's financial crisis sent the Standard and Poor's 500 index to its lowest level of the year, putting it on the edge of a new bear market. The index, the benchmark for most U.S. stock funds, has fallen 19.4 percent since its high for the year on April 29. A 20 percent drop would signify the start of a bear market, ending a bull market that began in March 2009. European markets slumped, dragging U.S. stocks down along with them, after Greece said it will miss deficit-reduction targets it agreed to as part of its bailout deal. Benchmark indexes in Germany, France and Spain all fell 2 percent. The Dow Jones industrial average fell 2.4 percent. The S&P 500 lost 2.9 percent. Indexes measuring smaller stocks fell even more than the Dow a...
A big earnings miss from Caterpillar Friday wasn't enough to derail a rally that pushed the stock market up 2 percent for the week. The Dow Jones industrial average fell 43.25 points, or 0.3 percent, to 12,681.16. Even with the decline, the Dow gained 1.6 percent for the week. It has finished three out of the last four weeks higher than where it started. Caterpillar Inc. fell nearly 6 percent after the heavy equipment maker earned less than analysts were expecting last quarter, partly because of the earthquake and tsunami disaster in Japan. The company is seen as a bellwether for the global economy because it sells construction and mining machinery all over the world. The disappointing results from Caterpillar and a continuing deadlock over raising the U.S. borrowing limit capped the st...
... in Congress could be a boon for airline consumers this weekend. Several federal air travel taxes wer...
... a rational decision in the minds of many debtors, causing a continued spiral of foreclosures (Felds..., led ultimately to the creation of the "Bailout Bill" and the nationalization of many Wall Street ... House passes the Wall Street Reform and Consumer Protection Act of 2009 . ** * Timeline sources: Ki...
Corporate law theory and practice considers shareholder relations with companies and the implications of ownership separated from control. Yet through the Troubled Asset Relief Program (TARP) bailout and the government's resultant shareholding, ownership and control at many companies have merged, leaving corporate theory and practice for the financial and automotive sectors in chaos. The government's $700 billion bailout is a unique historical event; not merely because of its size, but also because of a resulting ripple through corporate scholarship and practice. This article builds on the author's five testimonies before Congress during the financial crisis and implementation of the TARP bailout and his consultation for the Special Inspector General for TARP. After considering corporat...
... and $4.4 trillion in outstanding Treasury debt trading at the time. Fannie and Freddie present an...Auto, consumer, and home loans are another major business for inv...
... of their principal investment fell below the debt they owed. Purchases of durable consumer goods the... economy of the financial crisis and bailout of 2008-2009. Public Choice 140:287-317. . Couch, ...
Markets capped their largest gains in 10 weeks after the European Union and the International Monetary Fund created an almost $1 trillion fund for debt relief on the continent. As the trading session ended Friday, some of the enthusiasm dimmed as questions set in about the stability of the debt fund. At week's end, the Senate voted to curtail the fees allowed on credit and debit transactions, and banks and credit card companies fell as a result. The Commerce Department reported that consumer spending rose in April and bested the increase that economists were expecting. Retail sales rose in April for the seventh straight month. Still, concern about debt contagion is a major hurdle despite the agreement. "Clearly the action in the euro is reflecting the fact that at least currency investo...
The 1979 Chrysler bailout is a perfect example. Jimmy Carter's $1.2-billion loan sent an unwholesome message to Detroit: Don't change a thing. If you get into trouble, the government will rescue you. The Big Three kept selling gas guzzlers. Nimble foreign automakers that spent the '80s and '90s developing hybrid technology are crushing them now. Similarly, it's hard to see how U.S. taxpayers will benefit by lending my former employer Bear Stearns $29 billion to facilitate its sale to JPMorganChase. Bear Stearns' corporate culture, reeking of the testosterone-drenched arrogance of its sevenfigure-salaried executives, led it to fib about the worth of the collateralized debt obligations that supposedly guaranteed the payment of its subprime mortgage hedge funds. When traders learned the tr...
...Similarly, all consumer credit card debt should be refinanced to prime plu...
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