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The End Of The World As We Know It

Eight or nine months ago when the effects of the collapsing housing bubble finally became serious enough to warrant attention in the mainstream national press, speculation arose as to whether and to what extent the government should intervene in the crisis. At the time fallout seemed limited to overextended...

The Congress Strikes Back

Criticism of Paulson's bailout plan came swiftly after release of the details on Friday. Examples can be found here , here , here , and here . On Monday Congressional Democrats submitted counter-proposals. Key elements include oversight and the acquisition of an equity stake in institutions participating...

Ben Bernanke Explains It All

Like many people, I assumed that the Treasury Department, as part of its the bailout plan for the financial industry, would buy up bad debt at less than market value. I wondered how firms would make up for the hole that would leave in their balance sheets. In testimony before the Congress on Tuesday...