President-elect Barack Obama’s First Video Address to the Nation
Obama addresses the ongoing financial crisis and his plans for moving forward.
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Wall Street Futures Down After Government Revisions
Wall Street futures are down after the government reported that second-quarter economic growth was less robust than previously estimated, reports the AP.
The Commerce Department has reported that gross domestic product fell short of the 3.3 percent growth estimated a month ago.
Agreement Made In Bailout
Key lawmakers have reported an agreement in principle on a bailout of the financial industry designed to avert a deeper economic crisis, reports the AP.
Emerging from a two-hour negotiating session, Sen. Chris Dodd said, “We are very confident that we can act expeditiously.”
Concessions Made In $700 Billion Bail Out Plan
The White House has conceded on certain points of the $700 billion financial bailout plan by limiting the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
“The American people are angry about executive compensation and rightfully so,” Paulson told the House Financial Services Committee.
Bailout Plan Received With Anger & Skepticism
Treasury Secretary Henry M. Paulson Jr. met with anger at today’s Senate Banking Committee where he tried to persuade Congress “to enact this bill quickly and cleanly, and avoid slowing it down with other provisions that are unrelated or don’t have broad support.”
But after hours of back-and-forth they rejected the administration’s plan. “What they have sent us is not acceptable,” the committee chairman, Senator Christopher J. Dodd, Democrat of Connecticut, told The Associated Press.
Nation’s Top Economic Advisors Urge Congress To Move Fast on $700 Billion Bailout
Today, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress to pass a $700 billion financial bailout. They warned that letting problems persist would have dire consequences for the national economy, reports the AP.
“If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse,” Bernanke says in his prepared for a panel being held later today.
NANCY PELOSI: We Will Not Simply Hand Over $700 Billion To Wall Street
Democrats are pushing back on the bailout planoffered by the Bush Administration, specifically with legislation that would cut the salaries of the CEO’s whose firms participate in the bailout and by adding more oversight provisions, reports The Washington Post.
Barack Obama Calls For Wall Street Rescue
A Wall Street Turn Around?
Wall Street bounced back today shooting the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks’ bad debt, reports CNBC.
Treasury Secretary Henry Paulson is considering forming an entity like the one that was set up after the failure of savings and loan banks in the 1980s.
