Posted on 10/06/2008 9:02:10 AM PDT by NormsRevenge
WASHINGTON – The president's top economic advisers are pledging to work with their counterparts around the world to restore confidence and stability to financial markets roiled by tight credit and worries about a global economic slowdown .
The President's Working Group on Financial Markets said in a statement Monday it planned to quickly implement the expanded authorities granted to federal regulators by the $700 billion rescue package passed on Friday. The working group was formed after the 1987 stock market crash.
The group, which includes Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, said it planned to move "with substantial force on a number of fronts."
To that end, the administration was expected to announce shortly that it had tapped a 35-year-old former Goldman Sachs executive to head the government's rescue effort on an interim basis, according to an official who asked not to be named.
(Excerpt) Read more at news.yahoo.com ...
Keep printing that cash, fellas.
Fed: “I’m coming, I’m coming...just let me get my pants on...and socks....and shoes....and jacket....and....”
This is black Monday, the Dow is under 9900 and the FTSE under 4600. The economy is crashing and I think they knew this, the bailout was a pay out. They knew it wasnt going to wrk.
This crisis has been in the brewing for years.
Where were the Dems that had oversight responsibility?
Out collecting donations from the very same institutions that are nigh collapse, perhaps?
Why is the media afraid to tell the truth?
What crisis? Move along, folks, nothing to see here, everything is under control, we got it fixed, just step it up a little, stay calm, your hair is not really on fire, it’s just a little smoke, nobody panic.
EEEEEIIIIIHHHHHOHGODOHGODOHGODNOOOOOOOOOOOOOOOOO............
Why do I feel like I’ve had Baghdad Bob as my financial advisor?
Someone should photoshop that pic of Sean Penn bailing out water with a Dixie cup during Katrina, and superimpose Paulson’s head.
Oh, cool, I get to make my first BOHICA post.
BOHICA, everyone.
more handouts, coming.
more handouts, coming.
Another self-dealing hack out of Goldman.
What a surprise! Gosh, why, that’s so unexpected!
Could you please weigh in here with some possible scenarios? Thanks.
I am now of the opinion that at least half of the bailout was to go to foreign countries - and I believe those countries threatened Bush by saying they would no longer buy our U.S. Treasuries if we didn't bail them out.
A Big Thanks to the Democratically controlled Congre$$ whose members had senior positions of oversight and quickly helped to head this crisis off at the pass before millions lost billions in their retirement accounts.
Oh Wait! They didn;t head the crisis off, did they?
In fact, they now claim it is all the WH’s fault.
Go figure!
Dems are like little children, cookie crumbs all over their little faces yet they will deny they touched the cookie jar.
Time to send this current Dem batch of scoundrels packing.
Don’t you agree, America?
I have no freakin’ clue.
I have some rational thoughts on what should be done, but those went by the wayside when Paulson crammed his idiotic “bailout” plan down our throats, and the Congress couldn’t come up with anything smarter.
As of now, the situation is quickly snowballing into a problem that will be outside the capabilities of the central banks to contain it or respond to it.
Throwing more money is not going to help, I think its going to have to take its bitter pill medicine and let the shit intitutions fall. You can’t keep throwing 700 billion, where is it going to come from?
Let the economy correct itself.
Another Goldman Sachs cat? Are they tone deaf?
I have underwear older than that.
What can he do now that he didn't do at Goldman Sachs?
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