« How John McCain Could Still Win This Thing
Are John McCain And Sarah Palin At Odds Over Campaign Strategy? »



Bush’s About-Faces

October 11th, 2008
By ROBERT STEIN

Print Print

After seven-plus years of stubborn certainty, the Decider suddenly reversed himself today on two major issues–the $700 financial bailout and relations with North Korea.

In a deathbed conversion to consensus, the Administration stepped back from the Paulson Plan to buy toxic mortgage-backed securities and moved toward injecting capital directly into the nation’s banks, a position it opposed during two turbulent weeks of persuading Congress to pass the original bill.

Since then, the meltdown of financial markets has sounded a resounding “no” to the Paulson Plan and, at the start of today’s Washington meetings of world financial leaders, President Bush indicated with customary vagueness that the US would follow the lead of Great Britain, which took action this week to unlock credit markets by putting money into banks and guaranteeing loans between them.

Details will differ from country to country but, as Paul Krugman has pointed out, the “rescue announced by the British government this week provides a useful template. It offers to insure up to about $425 billion worth of new bank debt, forces banks to raise new equity capital and makes government money available to buy equity.”

Read the rest of this entry.



This entry was posted on Saturday, October 11th, 2008 at 4:56 pm and is filed under Nuclear Weapons, Gordon Brown, Bush Administration, Wall Street, USA, United Kingdom, Congress, Economy, North Korea, Business. You can leave a response, or trackback from your own site.

Viewing 1 Comment

 
close Reblog this comment
Powered by Disqus · Learn more
blog comments powered by Disqus

« How John McCain Could Still Win This Thing
Are John McCain And Sarah Palin At Odds Over Campaign Strategy? »


By posting comments on The Moderate Voice you are acknowledging and agreeing to the following general comments policy:

(1) The Moderate Voice's comments are hosted by Disqus (http://disqus.com). If your comment doesn't appear immediately, please be patient since it is an off-site system.

(2) All e-mail received from readers by The Moderate Voice is considered intended for publication unless otherwise indicated in the initial message from the writer. Please do not send us attachments unless you contact us and we agree to it.

(3)The Moderate Voice reserves the right to edit all e-mail and posted comments for content, clarity, and length.

(4) Our comment space is reserved for comments that relate to a post's topic. You should not reprint lengthy text from your own works or those of others, including news articles. You MAY link to them.

(5) Comments that are abusive, offensive, contain profane or racist material or violate the terms of service for this blog's host provider will be removed and the author(s) banned from future comments. Such comments also violate the very SPIRIT of this site -- which was created to encourage thoughtful and vigorous discussion among readers who may share differing viewpoints.

(6) All points of view are welcome on The Moderate Voice, with the following exceptions:

(a) Comments posted several times a day with the intent of dominating, re-directing or hijacking the thread by turning a discussion into the equivalent of a bitter shouting match.

(b) Comments posted several times a day that insult or call other commenters or blog writers names or repeatedly make the same point with the effect of or clear intent to annoy other commenters or blog writers.

(7) Name-calling, personal attacks, racist comments or use of profanity by any commenter, whether they are by persons who agree or disagree with the views expressed by The Moderate Voice will NOT be tolerated and will result in the deletion of the comment and the banning of the commenter's ISP address, without notice. In some cases a comment may be deleted and the writer will be given another chance. Commenters who virtually ASK The Moderate Voice to ban them by ignoring any warnings or daring TMV to ban them will quickly get their wish.

(8) Anonymous commenters should identify themselves with the same moniker, so readers know their comments are coming from a single individual. If they don't, they are subject to a banning.

(9)If we have problems with inappropriate or inflammatory comments from a commenter who it turns out gave a fake email address that person is subject to immediate banning.

(10) Quotes from material appearing on The Moderate Voice with attribution are allowed. Reprints are allowed only by permission from The Moderate Voice. You may request permission by e-mail.

(11) The Moderate Voice is a personal site. It is not the Government. It is NOT aligned with any political party. It is NOT promoting any specific candidate for office. It is not a public institution or a media organization. It is not a neutral site. It is intended to express and disseminate the authors' varying points of views. Writers on this weblog WILL take positions. It reserves the right to limit comments to those that, in its view, comport with its stated comment policy. Comments that do not comply are subject to deletion and banning of the author's ISP.

Disclaimer:

--Reading and posting comments at The Moderate Voice constitutes acknowledgment of and agreement to the terms outlined in this comment policy. This comment policy may be revised in part or in full at any time.

--All comments must comport with applicable state and federal laws. The Moderate Voice has no obigation to monitor, edit, censor, or take responsibility for comments. It may or may not act upon a violation of its comment policy once a suspected violation has been brought to its attention. Therefore, commenters are solely responsible for the content of their comments and should ensure that that their comments are lawful and fall within the stated guidelines of both The Moderate Voice and its hosting company.

--The Moderate Voice is not be responsible for injury or liability to any reader or commenter resulting from its own communications or those of commenters, that may be offensive, misleading, inaccurate, illegal, or otherwise unsuitable in the view of the reader. Readers and commenters further agree to indemnify and hold harmless The Moderate Voice from claims resulting from the use of any material appearing on The Moderate Voice which damages the reader, commenter or any other party.

--The Moderate Voice is not responsible for and might disagree with material posted in the comments section. While we strive for accuracy in our posts and DO correct errors, material posted by The Moderate Voice in its posts -- or those left by others in the comments section -- may or may not be accurate.

Read and Post at your own risk.