News release: “The Treasury Department has submitted legislation to the Congress requesting authority to purchase troubled assets from financial institutions in order to promote market stability, and help protect American families and the US economy. This program is intended to fundamentally and comprehensively address the root cause of our financial system’s stresses by removing distressed assets from the financial system. When the financial system works as it should, money and capital flow to and from households and businesses to pay for home loans, school loans and investments that create jobs. As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to significantly damage our financial system and our economy, undermining job creation and income growth. The following description reflects Treasury’s proposal as of Saturday afternoon.”
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Daily Archives: September 20, 2008
President Requests $700 Billion for Financial Institution Bail -Out Plan
New York Times: “The Bush administration on Saturday formally proposed a vast bailout of the United States financial system, requesting unfettered authority for the Treasury Department to buy up to $700 billion in mortgage-related assets from financial institutions based in the United States. The proposal, not quite three pages long, was stunning for its stark… Continue Reading
White House Fact Sheet: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs
News release: “For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform… Continue Reading
Study Says 17% of Americans Use Only Cell Phones
News release: “A new study from The Nielsen Company says that more than 20 million U.S. telephone households (17 percent) are wireless substitutors homes without landlines that rely solely on a mobile phone for their home telecommunications.” Call My Cell: Wireless Substitution in the United States, September 2008 News release: “JupiterResearch..has found that wireless… Continue Reading
Google Audio Indexing Launches With Initial Focus on Election Material
“Google Audio Indexing is a new technology from Google that allows users to better search and watch videos from various YouTube channels. It uses speech technology to find spoken words inside videos and lets the user jump to the right portion of the video where these words are spoken…The aim of Google Audio Indexing on… Continue Reading
Brookings: Concerns about the Treasury Rescue Plan
Concerns about the Treasury Rescue Plan – Financial Markets, Financial Institutions, Federal Reserve, Governance, U.S. Economy, Douglas W. Elmendorf, Senior Fellow, Economic Studies, The Brookings Institution, September 19, 2008 “Amid continued tumult in financial markets, the Treasury Department has developed a systematic plan to stabilize the financial system. Observers have been worried that the huge… Continue Reading
