Markets rallied in late trading in the biggest gain in six years, emboldened by news that Washington wants to create a new agency that will buy up ALL the bad loans on these financial companies’ books. The initiative would be an attempt to fashion a holistic solution instead of bailing out each individual bank as it fails. This would cost many more billions of dollars and require Congressional approval. In order for all those CongressCritters to keep their jobs, there is talk that the deal would be packaged with another stimulus package perhaps including more rebates, along with food stamps and unemployment benefits.
New Super Agency Proposed To Buy Up All The Very Bad Loans And Save Our Financial System
By Ben Popken September 18, 2008
- cleaning up student loan servicing Wells Fargo Must Pay $4M Over Allegedly Illegal Student Loan Servicing
- home sales Some Banks Offering Tech Employees Mortgages With No Down Payment
- conflict of interests Lawmakers Who Received Money From Wells Fargo Now Want Answers From Bank’s CEO
- too academic to fail How The Federal Government Tries To Keep Financially Troubled Colleges From Failing
- just say no to robocalls Student Loan Companies Tell Congress: Debt-Collection Robocalls Are In Borrowers’ Best Interest