Both support raising the deposit insurance limit from $100,000 to $250,000
WASHINGTON - Presidential rivals Barack Obama and John McCain on Tuesday appealed for bipartisanship on a plan to save America's collapsing financial sector at the same time they accused each other of supporting policies that would make a bad situation worse.
Both avoided calling the plan a bailout a day after the stock market chalked up a record one-day point decline as Congress rejected the $700 billion rescue effort. They separately proposed that the government insure consumers' bank deposits up to $250,000, over the current $100,000 limit, to boost Americans' faith in weakened banks.
Read full story MSNBC
Posted by Phoenix Personal Injury Attorneys
Tuesday, September 30, 2008
Friday, September 26, 2008
Financial crisis blows holes in state budgets
‘We’re keeping our seat belts on pretty tight as the roller coaster continues’
ALBANY, N.Y. - The crisis in the financial system will almost surely blow gaping holes in the already tattered budgets of New York, Connecticut, New Jersey and other states that rely heavily on tax revenue from investment banks and the big salaries and million-dollar bonuses doled out to Wall Street professionals.
The downfall of such giants as Lehman Brothers, Merrill Lynch and Washington Mutual, and the turmoil at other financial institutions, could mean tens of thousands of layoffs of investment bankers, stockbrokers, traders, analysts and other employees.
Read full story MSNBC
Posted by Phoenix Personal Injury Lawyer
ALBANY, N.Y. - The crisis in the financial system will almost surely blow gaping holes in the already tattered budgets of New York, Connecticut, New Jersey and other states that rely heavily on tax revenue from investment banks and the big salaries and million-dollar bonuses doled out to Wall Street professionals.
The downfall of such giants as Lehman Brothers, Merrill Lynch and Washington Mutual, and the turmoil at other financial institutions, could mean tens of thousands of layoffs of investment bankers, stockbrokers, traders, analysts and other employees.
Read full story MSNBC
Posted by Phoenix Personal Injury Lawyer
The Debate is On — And So is the Strategizing
Like so much in this election cycle, tonight's scheduled presidential debate in Oxford, Miss., is historic: never in the 48-year history of televised debates has a presidential face-off been so much in doubt mere hours before it was supposed to commence. Such is the depth of the nation's financial crisis and the creativity — selfless or craven, depending on your point of view — that until this morning, we didn't know if Jim Lehrer would have anyone to pose questions to.
But now that John McCain has committed to turning up, he and Barack Obama will take the stage tonight with their rhetoric and demeanor set to a specific temperature. "Do you want a hot debate or a cold debate?" asks Stuart Stevens, a Republican media consultant, author and screenwriter who helped prep George W. Bush for his encounters with Al Gore in 2000. "You have to decide."
Read full story TIME
Posted by Phoenix Arizona Auto Accident Attorneys
But now that John McCain has committed to turning up, he and Barack Obama will take the stage tonight with their rhetoric and demeanor set to a specific temperature. "Do you want a hot debate or a cold debate?" asks Stuart Stevens, a Republican media consultant, author and screenwriter who helped prep George W. Bush for his encounters with Al Gore in 2000. "You have to decide."
Read full story TIME
Posted by Phoenix Arizona Auto Accident Attorneys
Friday, September 19, 2008
Treasury to Temporarily Guarantee Money Market Funds
The U.S. Treasury this morning offered temporary insurance for money-market funds, attempting to restore confidence in one of the economy's important safe-haven investments.
At a morning news conference, Treasury Secretary Henry M. Paulson Jr. described the move as one of a number of "powerful tactical steps to increase confidence in the system." In addition to Treasury's action, the Securities and Exchange Commission placed a two-week ban on short selling the stocks of 799 financial companies, and the Federal Reserve announced it would expand take further steps to increase the flow of money to banks and financial firms.
Read full story: Washington Post Treasury to Temporarily Guarantee Money Market Funds
Posted by Criminal Defense and DUI Lawyers in Phoenix, AZ
At a morning news conference, Treasury Secretary Henry M. Paulson Jr. described the move as one of a number of "powerful tactical steps to increase confidence in the system." In addition to Treasury's action, the Securities and Exchange Commission placed a two-week ban on short selling the stocks of 799 financial companies, and the Federal Reserve announced it would expand take further steps to increase the flow of money to banks and financial firms.
Read full story: Washington Post Treasury to Temporarily Guarantee Money Market Funds
Posted by Criminal Defense and DUI Lawyers in Phoenix, AZ
Monday, September 15, 2008
Ike victims wait in line for food, water and gas
HOUSTON - Thousands of victims of Hurricane Ike settled in at shelters for what could be weeks, and others waited wearily in line for food, water, ice and gasoline Monday as it became increasingly clear the disaster along the Texas coast would be measured not by its death toll but by the misery it spread.
Almost three days after the storm steamrolled the coast, the extent of the damage was still coming into focus, with rescue teams finally reaching some of the hardest-hit and most inaccessible places, including Bolivar Peninsula, a resort on Galveston Bay where entire neighborhoods were obliterated. Homes were wiped from foundations and stilts jutted up from the sand — but their occupants were living, buoying the spirits of rescue crews.
Read full story Ike victims wait in line for food, water and gas
Posted by Phoenix Criminal Defense Attorneys
Almost three days after the storm steamrolled the coast, the extent of the damage was still coming into focus, with rescue teams finally reaching some of the hardest-hit and most inaccessible places, including Bolivar Peninsula, a resort on Galveston Bay where entire neighborhoods were obliterated. Homes were wiped from foundations and stilts jutted up from the sand — but their occupants were living, buoying the spirits of rescue crews.
Read full story Ike victims wait in line for food, water and gas
Posted by Phoenix Criminal Defense Attorneys
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