This year's National Thanksgiving turkey "Abe" wasn't the first turkey to interrupt a president. Check out the turkey pardons since 1989.» Read More
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As we spend the end of the year debating the merits of the various plans to save the subprime borrower, I need to add a dose of reality to the Realty Check: On December 6th, when President Bush announced the brand new Paulson Plan to freeze certain subprime mortgages at their “teaser” rates, a little factoid got lost in the shuffle, and the trouble with this factoid is that it’s not exactly a fact.
With an approval rating stuck in the 30s, President Bush no longer holds many political cards. But he still has one ace in the form of his veto pen. That's a substantial weapon--as President Bill Clinton showed against the Republican Congress in 1996 and Bush is showing against the Democratic Congress now.
While the Bush mortgage plan reduces uncertainty short term, it has created considerable debate about the long-term implications, particularly for buyers of mortgage-backed securities. Recognizing that buyers of ARM securities were anticipating receiving a higher yield (and many now will not), Raymond James noted that...
Call it what you want: a bailout, a subprime freeze plan, or government intervention. Whatever it is or becomes, a lot of you wrote in with your opinions on the Bush/Paulson mortgage "plan." Most of what you said, to state what may be obvious, was this idea pretty much "stinks." If I had to guess, I'd say the ratio of negative to positive emails was 30 to 1, and that's being conservative.
Today we saw a fine display of presidential leadership on an economic problem--the kind we would have expected from President Bill Clinton, not President George W. Bush. Yes, the administration is avoiding the "b" word, as in "bailout." And yes, in theory the new mortgage terms for homeowners facing upward resets represent a "voluntary" agreement by their creditors.
The House of Representatives Thursday passed an energy bill that would boost vehicle fuel economy requirements by 40 percent by 2020, raise ethanol use by five-fold by 2022 and impose $13 billion in new taxes on big oil and gas companies.
Well. We haven't seen this kind of ideological food fight in a long time. The battle among traders about whether President Bush's plan is a rational response to the crisis or an unconscionable bailout is really beside the point. The central problem is that freezing adjustable mortgage rates is not a long-term solution to even the ARM problem.
Hundreds of thousands of strapped homeowners could get some relief from a plan to freeze interest rates on subprime mortgages.
I was reading the report from the Mortgage Bankers Association this morning on delinquencies and foreclosures. None of it was particularly unexpected, but I was struck by one aspect, and that is the amount of prime loans that are going into foreclosure.
I want to thank President Bush for clearing up a few things this morning at his news conference: 1) that the mortgage industry is, “a more complex industry than we’ve had in the past” and 2) that “we shouldn’t bail out lenders, and so, in other words, that we shouldn’t be using taxpayers’ money…”
The U.S. Treasury Department and mortgage industry leaders are putting the final touches on a plan that could save struggling homeowners from foreclosure by freezing interest rates before they reset sharply higher.
The Bush administration announced Thursday that it is imposing sweeping new sanctions against Iran's defense ministry, its Revolutionary Guard Corps and a number of banks.
Presidential power ebbs and flows and George W. Bush is holding very weak cards just now. But as he likes to point out, sometimes with more than flattering zeal, he is still the president and everyone also just kibitzes. `
Peter Rost, who burst onto the business news landscape a few years ago as a Pfizer whistleblower and the subject of a piece on CBS' "60 Minutes", is enjoying a new career as a blogger and a reporter for Brandweek. And late yesterday he's blitzing some of his reporter contacts with this item about the apparent 180-degree change presidential politics at the world's biggest pharmaceutical company.
In an interview on CNBC, President Bush acknowledged that Americans are concerned about job security, health care and retirement but maintained that the U.S. economy remains strong.
House Democrats on Wednesday pushed through legislation to end a program that turns over smaller-scale tax deadbeat cases to private collection agencies.
Mitt Romney is a big (and very rich) boy, and has earned some of the shots that have come his way in the 2008 presidential race. Most prominent among them have been barbs at the evident calculations he has made in flip-flopping on key issues to appeal to the conservative Republican base.
The U.S. Senate Thursday passed and sent to President Bush a temporary spending measure to keep the federal government running through Nov. 16, giving Democrats and Republicans time to work out budget disagreements.
Democratic presidential candidate Hillary Rodham Clinton issued a call for universal health care on Monday, plunging back into a political battle she memorably waged and lost as first lady more than a decade ago.