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Tuesday morning links
The Mess That Greenspan Made —
TOP STORIES Bush Announces Plan to Buy Stakes in Largest Banks - WSJ Dow posts biggest one-day point gain in history - LA Times Don't break out the bubbly just yet - MarketWatch Poll: Hopes slip on leaders fixing economy - USA Today Financial Warfare over future of global bank power - Financial Sense Banking crisis challenges US superpower status - AFP Commodity Prices Tumble - NY Times MARKETS/INVESTING World stocks soar as credit markets ease - AP Gold ...
Paulson's Press Release/Statement
The Bonddad Blog —
... supervisory framework to assure appropriate use of this new guarantee. Third, to further increase access to funding for businesses in all sectors of our economy, the Federal Reserve has announced further details of its Commercial Paper Funding Facility (CPFF) program, which provides a broad backstop for the commercial paper market. Beginning October 27, the CPFF will fund purchases of commercial paper of 3 month maturity from high-quality issuers. First, the plan is hardly "voluntary": Some of the big banks were unhappy about the ...
Tuesday's Daily News
Club for Growth —
THE DAILY NEWS
The Shocking Cost of the Housing Boom - Louis Woodhill, Real Clear Markets
Bush Announces Plan to Buy Stakes in Largest Banks - Staff, WSJ
We're Laying the Groundwork for Recovery - Ben Bernanke, WSJ
Paul Krugman: Political Economist - Peter Boettke, Forbes.com
Krugman’s Posthumous Nobel - Donald Luskin, National Review
Pity The Nobel Prize - IBD Editorial
Negative Advertising - Thomas Sowell, ...
Tuesday links: everyone gets a trophy
Abnormal Returns —
... The U.S. Treasury becomes the world’s largest financial services fund. (DealBook, NYTimes.com, WSJ.com)
Is a ‘one-size fits all’ approach to bank recapitalization a prudent approach? (Market Movers, ibid)
Don’t forget about the FDIC’s TLGC program. (Real Time Economics, Curious Capitalist)
With the bailout plans in place, all ...
Paulson vs. Bank Execs: Who is Telling the Truth
naked capitalism —
These statements occur within a mere six paragraphs of each other in a Wall Street Journal story, "Devil Is in Bailout's Details': Upending the government's relationship with the financial sector, the Bush administration outlined a plan Tuesday to prop up banks by injecting $250 billion into U.S. financial institutions.... The government is making clear it expects banks to lend out the funds it gets from Uncle Sam. Further exercising its clout, Treasury also extracted a promise that the financial firms would help struggling homeowners, ...
Wall Street Breakfast: Must-Know News
SeekingAlpha.com: Home Page —
... Banks welcome deep-pocketed investor. The government unveiled a plan to buy $250B (which will come from its $700B rescue cache) of preferred stock in banks, including $125B in... Bank of America (BAC) ($25B), JPMorgan (JPM) ($25B), Citigroup (C) ($25B), Wells Fargo (WFC) ($25B), Goldman Sachs (GS) ($10B), Morgan Stanley (MS) ($10B), Bank of New York Mellon (BK) ($3B) and State Street (STT) ($2B). The other $125B will be made available to small-to-medium size banks. The shares pay a 5% dividend for the first five years, and 9% after that. Participating firms can't raise ...
