From the New York Times:
Obama and Bush Working to Calm Volatile Market
CHICAGO — President-elect Barack Obama sought to seize the reins of the economic crisis Monday as he and his new economic team worked closely with President Bush to inject confidence into the trembling financial markets, which rallied and erased most of last week’s losses.
The coordination between Mr. Obama and Mr. Bush was taking place among aides, as well as in direct talks about the rescue plan for Citigroup and unresolved details of the overall Treasury bailout plan. The president said his successor would be informed of every “big decision” that was made, adding, “It’s important for the American people to know that there is close cooperation.”
To calm anxious markets, the Federal Reserve and the Treasury plan to announce a major lending program on Tuesday to jump-start frozen loan markets, administration officials said. The Treasury had signaled earlier this month that it was considering such an action for consumer loans, but the action to be announced will broaden the program to include business debt. ....continue reading
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With the Treasury Secretary on his spending spree he surely isn’t trying to get a good return on the tax payers’ investment. The bailout was to buy up bad mortgage debt but it never did. What is the purpose of the fund? Paulson’s has warrants on many banks and they average 1 – 3 percent when enacted. Yet the cash investment is about 20 percent of the market cap. Maybe the next Treasury Secretary will be less erratic.
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